Succession planning workshops from Community Futures
By Nelson Daily Staff
In the fall of 2008 the Partnership surveyed business owners in the area.
Findings from over 200 surveys returned showed that 55 per cent of business owners plan to retire or sell their business within the next 10 years.
However, without proper planning, many businesses that do not need to close may close. The impact could be substantial. If even if half of the 55 per cent of businesses in Nelson close without finding a successor, the impact of approximately 300 businesses shutting down over a 10-year period is enormous.
In response to this, and for the third year in a row, the Partnership is offering Business Succession Planning workshops, May 9 and May 16
These highly successful workshops will provide information to business owners on the importance of advanced succession planning and its key role in identifying potential opportunities and options, finding solutions and providing a smoother transfer.
Start planning early
“It was a good introduction to a complex process,” said Julian Ross who attended last year’s workshop. “We wanted to find out about how people go about selling their businesses. We took away a real understanding of the aspects involved, and how complex it can be.”
Ross and his wife Ruth Porter have operated Polestar Calendars for almost 30 years.
“The concept of valuation is unbelievable difficult for any business owner,” he says. “How can you get a realistic value of what your business is worth? Now we know what information we need to gather and what needs to be considered. We also know the time frames involved – you have to plan a long time in advance.”
In this workshop, you will learn rationale, research and succession planning basics, exploring your transition options, contingency planning, family business succession, employee buy-out, external sale, managing the transition, financing, tax and legal considerations, business valuation, and planning the next steps.
The 2011 Succession Planning Workshops will take place on two Monday evenings, May 9 and 16, from 6-9 p.m., at Community Futures in Nelson.
To register, please contact Lisa at [email protected], or call (250) 352-1933 ext. 105.
These workshops are sponsored by the Nelson and Area Economic Development Partnership. In the past they have been very popular, and we recommend that you book early.
