Sep 18, 2026
Warren Buffett just walked away from the last title he held at Berkshire Hathaway. On Friday, the 96-year-old investor stepped down as chairman of the company, a post he’d held since 1970, and moved into a chairman emeritus role. His son, Howard Buffett, a Berkshire director since 1993, takes over as chairman, effective immediately.
It’s the final step in a handoff Buffett has been managing for years. He already gave up the CEO title at the end of 2025, passing day-to-day control to long-time deputy Greg Abel.
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For Canadians who don’t own a single share of Berkshire, this might look like a story about one very rich American — it isn’t. Buffett just modelled, in public and on his own timeline, something some Canadian business owners and families never get around to doing: a planned, orderly exit.
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What did Buffett actually say?
In a letter to shareholders, Buffett said he’s stepping back partly because Abel has exceeded his expectations running the company. “He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead,” the Oracle of Omaha noted.
Geriatric matters also influenced Buffett’s decision, noting in the same letter that his great-grandson, who just turned one, is “moving faster than I am these days.”
What this ultimately showcases is a business owner who planned his exit years in advance, named a successor publicly and left before he was forced to. Most people don’t get that runway, and some may not even use it even when they have it.
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Why does this matter if you don’t own Berkshire stock?
Buffett’s calculated retreat from his professional obligations exposes a glaring gap with how most Canadians handle their own businesses, cottages or family wealth — and it’s an expensive one.
A survey by the Canadian Federation of Independent Business (CFIB) found that roughly 72% of small and mid-size business owners plan to exit their business within the next decade, with more than $1.5 trillion in assets expected to change hands. Yet only about 9% of business owners have a formal, written succession plan, while roughly half have no plan at all.
That gap doesn’t just risk a messy handoff. CFIB research analyst Laure-Anna Bomal said in a statement that a missing succession plan can mean lost jobs, forced bankruptcies or a scramble to sell at a discount when an owner exits suddenly through illness, disability or death instead of on their own terms.
What’s the real risk in most Canadian succession plans?
The risk isn’t that people don’t have any intention to make a plan — it’s timing. Buffett named Abel as his successor back in 2021 and kept adjusting the transition for years afterward. Most Canadian owners wait until retirement is imminent, or until a health scare forces the issue, to start the conversation.
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That timing gap shows up in the numbers, too. According to the CFIB survey, of business owners who do plan ahead, finding a suitable successor is the single biggest hurdle, followed by properly valuing the business. Both of those take time to solve — time that shrinks fast if the plan only starts once an owner is ready to walk out the door.
The same logic applies outside a business: a cottage without a clear inheritance plan, an investment portfolio with no named executor familiar with the holdings or a family unsure who takes over financial decisions if a parent becomes incapacitated.
What should Canadians do now?
Buffett’s exit is a useful nudge to act while there’s no crisis forcing the decision.
- Name a successor or decision-maker in writing, even informally, well before you plan to step back
- Get a professional valuation of the business, property or portfolio so heirs or buyers aren’t guessing what it’s worth
- Work with an accountant or estate lawyer — CFIB data shows most owners who plan successfully use one or both — rather than handling a transfer alone
- Revisit the plan every few years, the way Buffett adjusted his own timeline as circumstances changed
The takeaway
Buffett’s decades of build-up made this handoff look effortless. It wasn’t. It was the result of a plan made years before it was needed, revisited often and executed while he still had the choice. For Canadians managing a business, property or estate, that’s the part worth copying.
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Writer and editor based in Toronto with experience in personal finance, insurance, arts and culture and branded content.
