Ontario Investing Nearly $2 Million to Help Entrepreneurs Plan for the Future

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NEWS RELEASE

Ontario Investing Nearly $2 Million to Help Entrepreneurs Plan for the Future
Succession Ontario will help business owners protect jobs, strengthen local communities and build a more resilient economy

February 03, 2026
Ministry of Economic Development, Job Creation and Trade

TORONTO — The Ontario government is investing nearly $2 million to establish Ontario’s first-ever business succession planning services hub to help entrepreneurs prepare for the critical process of smooth ownership transition. To deliver on the government’s plan to protect Ontario businesses and workers, Succession Ontario provides essential tools and guidance to sell or buy a business, protecting good-paying jobs and strengthening communities across the province.

Delivered by the Kingston Economic Development Corporation (KEDCO), Succession Ontario is an online hub that provides tools and resources to help business owners understand the requirements for selling and exiting their business. To further support the planning process, Small Business Enterprise Centres (SBECs) located across the province will receive training and resources to acquire the knowledge and skills they need to deliver one-on-one advisory services in their local communities.

“Whether it’s a family farm in Prince Edward County or a local convenience store in Sarnia, a small business can leave a lasting positive impact in their community when smoothly bought, sold or passed to the next generation,” said Nina Tangri, Associate Minister of Small Business. “As many business owners prepare to retire over the next decade, our government is helping them plan for the future, so their business can continue to thrive under new leadership.”

First announced in the 2025 Budget, A Plan to Protect Ontario, Succession Ontario demonstrates how the province’s support for small businesses is helping strengthen local economies, create jobs, drive long-term economic growth and keep Ontario competitive and resilient.

“Ensuring that businesses and the jobs that they create stay in our local communities is a top economic priority,” said Donna Gillespie, CEO of the Kingston Economic Development Corporation. “We’re proud to partner with the province and our network of 54 Small Business Enterprise Centres to deliver the training and tools entrepreneurs need to plan for the future and protect Ontario’s economy.”

With U.S. tariffs impacting workers and businesses across key sectors, the Ontario government continues to take decisive action to protect Ontario by lowering taxes, cutting red tape and duplicative processes, and making strategic investments. By helping small businesses succeed, Ontario will unleash its economic potential and make the province’s economy the most competitive place in the G7 to invest, create jobs and do business.

Quick Facts

  • Following an August 2025 call for proposals from SBECs, KEDCO scored highest for its proven track record and experience in delivering effective succession planning services.
  • Only one in 10 small business owners in Canada have a formal succession plan.
  • There are over 500,000 small businesses in Ontario, accounting for approximately 98 per cent of all businesses and employing nearly 2.5 million people.
  • SBECs provide advisory services, training, and programs to help entrepreneurs launch and grow businesses.
  • Ontario’s 54 SBEC locations have helped start over 8,000 businesses, expand 2,700 and create more than 15,800 jobs in 2024-25.

Additional Resources

Media Contacts

Anushka Tiwari
Minister’s Office
Anushka.Tiwari@ontario.ca

Media Relations
Communications Branch
economy.media@ontario.ca

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