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Understand how to let your company continue it’s growth into the future
Succession planning is a very complex process and not one that should be considered overnight. As a business owner you have invested many long hours into the success of your company and you likely want to see that success continue, regardless of who steps into your role. Have you considered who that person might be? Perhaps it is a valued employee or family member, or an interested buyer? What is the value of your business and how do you determine that?
A trusted business advisor and financial planner are essential to a smooth transition plan. The Business Help Centre of Middlesex County can meet with you individually to help you answer your succession planning questions and plan for the future. The Financial Planning Standards Council sets standards and qualifications for financial planners in Canada. Their website will assist you in finding a certified financial planner in Middlesex County.
The Succession Planning Guide is available through the Canadian Federation for Independent Businesses. The Business Development Bank of Canada also has a very helpful succession planning publication BDC transition guide. We encourage you to become familiar with these useful guides as you begin to consider your succession plans.