The intergenerational transfers are very significant. We have a massive exit of business owners, but not because of business failures. The other demographic reality facing us as Canadians is the fact that many business owners are getting older.
Business owners often talk about their retirement in very different terms. My favourite story is about a farmer who was delighted that his dad finally showed him the books of the company, because he was the successor. The son in the story was 65. The dad shared the books of the operation so his son could take it over. This is a classic entrepreneurial story. Time runs out for business owners, and we have to make sure the succession from one generation to the next is made successful.
The reason these intergenerational transfer rules are so important is we want to make sure that when people transfer their businesses to their kids, people in their community or employees, there's a greater chance the business will stay in the community rather than be bought up by, perhaps, a big American company that would be buying it for its client list or product. The jobs often disappear after that.