When a local business owner retires, employees and customers have a stake in what happens next.

New research from the Canadian Federation of Independent Business suggests nearly six in ten Manitoba business owners plan to leave within the next decade, but only three per cent have a formal succession plan.

Bradlee Whidden, CFIB’s economist for Western Canada, says keeping those businesses going matters to the communities they serve.

Whidden says the findings reflect owners’ intentions, rather than a prediction of how many businesses will close. He encourages owners to start planning early and speak with a professional advisor.