Retiring small business owners looking to sell: 4 things employees need to know [Video]

With a growing number of small business owners eying retirement, many companies in Canada could be up for grabs in the coming years.

According to a report by the Canadian Federation of Independent Business (CFIB), 76 per cent of small business owners are planning to exit their business within the next decade.

However, the CFIB found that only one in 10 employers have a formal succession plan in place. The biggest challenge for many is finding a suitable buyer or successor.

When big or small businesses come under new management, it’s common for non-unionized employees to be concerned about their job security. In many cases, workers are unaware of their rights in this situation.

READ MORE: The ‘big 5’ workplace rights most often overlooked by employees

If you work for a small business, and your employer finds a suitable buyer, here are four things you need to be aware of once the business changes hands.

1. The seller of …