The great wealth transfer is underway. Is your business ready for what’s next?

How the great wealth transfer is reshaping family enterprises—and the strategies needed to preserve wealth and legacy.

This is no longer a future trend: it's already underway.

Across Canada, private business owners are starting to transition organizations they've spent decades building. These conversations often focus on succession planning, tax strategies and wealth preservation. But ownership transition represents something much broader.

It’s a strategic inflection point.

Every transition raises bigger questions about leadership, governance, operational resilience and long-term enterprise value. The businesses that thrive through ownership transitions are rarely those that simply execute a succession plan well. They’re the ones that have spent years building stronger, more resilient organizations.

The question is no longer only who will own the business. It's whether the business will be stronger because of the transition.

Every business will follow a different path

There is no single roadmap for navigating the great wealth transfer.

Some organizations will remain family owned for generations. Others may pursue employee ownership, management buyouts, private equity investment, family office investment or a strategic sale.

For many owners, transition may still be years away. But that doesn't diminish the value of preparing today.

Regardless of the eventual path, organizations that continually strengthen enterprise value, preserve flexibility and expand strategic options are better positioned to build value when opportunity arises.

Building a business that’s ready for the future

Preparing for the future requires leaders to look beyond ownership and ask broader strategic questions:

• Does our leadership team have the capabilities needed for the next decade?
• Is our governance model prepared for future owners or future generations?
• Are we investing in technology and AI to stay competitive?
• Are our operations resilient enough to adapt as markets evolve?
• Are we creating the conditions for sustainable growth?

These aren't succession questions. They're enterprise value questions.

These questions are becoming more important as leadership expectations evolve. EY’s Global DNA of the CFO Survey found that 38% of finance leaders believe they are evolving faster than their leadership teams, while more than half say organizations need to accelerate leadership development to meet future demands.

Organizations that strengthen leadership, governance and capability today are better positioned to create value, regardless of when ownership changes.

Tomorrow’s leaders will inherit a different business environment

The next generation of leaders will inherit organizations operating in a fundamentally different environment from the one today’s founders built.

AI is reshaping industries. Cyber threats are evolving. Geopolitical uncertainty continues to influence investment decisions. Customer expectations are shifting quickly, while attracting and retaining talent remains a persistent challenge.

Canadian CEOs are already adapting. According to EY Canada's CEO Outlook, 34% say strengthening financial resilience is their primary response to today's uncertainty, while 80% are increasing investment in AI to support future growth and competitiveness. 

All this means that preparing for the great wealth transfer demands more than preserving a successful legacy.

It requires building organizations that are resilient, adaptable and equipped to create value as conditions change.

Looking ahead

The great wealth transfer represents far more than a transfer of ownership.

It’s an opportunity for private business leaders to strengthen the foundations of their organizations for the next generation.

The businesses that emerge strongest won’t necessarily be those with the most detailed succession plans.

They’ll be the ones that have invested consistently in leadership, governance, innovation and operational excellence, creating organizations that are valuable regardless of when ownership changes.

That reflects a broader shift among Canadian business leaders. EY Canada's CEO Outlook found that 76% of CEOs are prioritizing disciplined growth over rapid expansion, recognizing that long-term value is created through deliberate investment rather than short-term opportunity. 

In an increasingly uncertain world, enterprise value creates strategic choice. Strategic choice in turn creates long-term resilience.

How EY Private can help

Building enterprise value isn't a transaction. It's a long-term strategic discipline.

Whether you’re looking to prepare the next generation of leaders, strengthen governance, evaluate growth opportunities, attract investment or plan for an eventual transition, success takes an integrated approach that connects every part of the business.

We bring together experience across strategy, transactions, tax, family enterprise, family office, technology, people advisory and risk to help private business leaders strengthen enterprise value, navigate complexity and prepare for what’s next.

Together, we can help you protect what you’ve built while creating the strategic flexibility to thrive for generations.

Connect with an EY Private advisor to start the conversation.