Being a business owner often means that you are always busy. You are often more concerned with the upcoming weeks, quarters or years goals than your endgame strategy and can easily end up ignoring the longer term future.
The reality is that most business owners will want to transition out of their business at some point. Whether that is to take on a new challenge or to retire from work altogether, it is a future challenge that comes to all business owners. The earlier you think about this eventuality, the better.
Check out this link on why (and how) you should start planning today:
What does Succession Mean?
Succession: The right, act, or process, by which one person succeeds to the office, rank, estate, or the like, of another. (Dictionary.com)
Succession planning in reference to business refers to the entire spectrum of options you have to pass on your business legacy. Passing down or selling your enterprise to family, a trained successor, or to strangers are all possible strategies to consider.
Many entrepreneurs want to make sure that their customers, employees, community and even suppliers continue to benefit from the operation of their business even if they themselves want to transition or retire. With newer generations less interested in following the family path, succession planning is a very important exercise for any business owner.
The Succession Connect Program is focused on those business owners that have chosen, or are open to the option of, selling their business to a new entrepreneur. We specifically are working to match such operators to incoming immigrant investors with the hope that we can keep our local businesses alive into the next generation and build strong ties to keep our new residents in our community.
Thinking about Selling?
Selling a business is a huge transaction and can be quite complicated. But there are lots of ways to prepare yourself and your business however. As with any big financial and life event, it helps to be prepared in advance.
A great reference can be found HERE: https://www.bdc.ca/en/articles-tools/change-ownership/sell-business/pages/default.aspx
You can even take steps to make selling your business easier when you are BUILDING your business. A great book with insightful ways to view your enterprise is Built to Sell by John Warrillow
What do we offer at Succession Connect?
Our mandate is to learn about companies for sale, companies that are struggling with a succession strategy, or even companies where the owner is simply looking for a transition. We represent those opportunities directly to incoming immigrant investors that have already gone through a process with the government where they need to either invest or purchase a business to complete their immigration process. This is one particular stream in amongst a number of other ways that you can immigrate to our Country. We are working directly with the investor class who are arriving under the Provincial Nominee Program.
Until now, these incoming investors/entrepreneurs are having a very difficult time diving into business ownership in a different country, finding businesses for sale and networking with the community. They are all sophisticated and successful in their own countries but have made the decision to live in Canada. The other half of my position is to support their transition, help connect them with potential businesses that fit their interest, appetite for investment and generally transition to being a productive and valued business owner in our community.
If you have a business, here is the process. We meet with you and collect as much information as you feel comfortable sharing with a non-disclosure agreement and instructions on what we can share and when. We research all of the potential investors and suggest likely matches and even facilitate a meeting if that is of interest. New investors are also coming to us and we offer a similar service matching them with likely matches for businesses that are for sale.
There are no fees as we are a not for profit, government funded business support program trying to bridge an important gap our system. We are a 3 year pilot that will hopefully become a service offered across Atlantic Canada by all immigrant business serving agencies.
In the coming 3-6 months we are also beginning to offer courses and seminars on topics that may interest you about selling a business, things to know, and what to expect as well.
Our Succession Specialist would love to connect. Visit our Contact Us page to learn how to arrange a meeting by phone or in person.