Ministry to establish Ontario’s first business succession planning services hub

Described at Ontario’s first business succession planning services hub, and delivered by the Kingston Economic Development Corporation, the Succession Ontario program will offer tools and resources to help business owners understand and plan ownership transitions.

On February 3, the Ministry of Economic Development, Job Creation and Trade announced nearly $2 million in funding to establish Succession Ontario.

According to the Huron Chamber of Commerce, the province’s plan is explicitly local.

Ontario’s Small Business Enterprise Centre (SBEC) network will receive training and resources so that centres like the Huron Business Centre (the local SBEC) can expand one-on-one advisory support.

“The Huron County Business Centre provides local support for all kinds of businesses,” said Brittany Wise, Huron Business Centre Manager.

“As part of Ontario’s SBEC network, we provide support for every stage of operation, including purchase, growth, transition and succession.”

Planning for succession is often framed as a private business decision, but in rural communities, it is also economic development infrastructure.

According to Huron Chamber, when ownership transitions go well, good businesses remain open, jobs stay local and essential services continue to anchor Main Streets.

That is why succession planning belongs in the same conversation as business retention, entrepreneurship supports and community resilience.

“Succession planning is not about ending a business,” stressed Colin Carmichael, Huron Chamber of Commerce.

“It is about protecting the jobs, services, and local investment that make Huron County work.”

Carmichael explains that by framing transition planning as a key part of wider regional business retention efforts, and by emphasizing coordinated supports that serve both owners and prospective buyers, local businesses and service can be sustained through that change.

“When owners plan early, they create real choices, for families, for employees, and for buyers, and they give the next leader the best change to step in with confidence and keep the business rooted in our communities,” added Carmichael.

According to Huron County Community Profile (2025), the region’s median age is 46.8 years, a reminder that a large share of the region’s workforce and many business owners are already in later-career stages.

That same profile notes that of the almost 3,000 businesses in Huron County, 90 per cent have fewer than 10 employees.

In these small businesses, ownership transitions can have a much larger impact on employees.

Rural Ontario faces an added challenge beyond readiness – finding and financing the next owner, especially when the next generation has moved away, when sector skills are scarce, or when the current owner hopes to keep the business rooted locally.

Carmichael stresses that why buyer readiness matters just as seller readiness and why local supports help navigate valuation, financing, timing and operational continuity.

Strong transitions have four things in common: clarity on the desired outcome and timeline, business readiness work that reduces owner-dependency, a successor strategy that matches local realities, and professional advice early enough to avoid forced decisions.

For business owners thinking about succession, the most practical first step is local support.

These new resources are being complemented by other local partners, and Community Futures Huron is set to launch a new business buyer/seller platform called BizLink.

This new online tool will guide both buyers and sellers through the transition process.