Business Succession Plan

Now that you have an idea of what direction you’ll pursue, consider using the Business Transition Planning e Book by the Business Development Bank of Canada to hammer out the details.It’s a great resource that will walk you through issues like: If any of the above doesn’t seem to fit your business and you’re looking for an unconventional way to pass it on, you might consider holding a contest.

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It’s a staple milestone for small businesses everywhere: a business succession.Having a list of options is a great starting point and it will be at the ready when you decide it’s time to build out the details.This could be one of the hardest decisions for a business owner to make.This might have been true a decade or so ago, but Canada’s entrepreneurial culture has shaken this up and made this a must-complete task at the beginning of a new venture.Whether you own many companies or focus all of your efforts on one, a succession plan will help you prepare for the unpredictable future.A store owner in Hamilton, Ontario made headlines for doing this in 2016.His no-strings attached, golden ticket approach just might land you the right successor.There’s a common misconception about business succession planning.It has a reputation for being a process business owners take when they’re nearing retirement.Most importantly, it can protect the business, brand and unique culture you’ve created.It’s also a commitment to your client base and ensures that long after you’ve passed the hat, the business continues to meet the needs of your customers and employees. Changes in federal or provincial legislation can create unforeseen costs such as wage increases for employees.

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