Looking to sell your business but don’t know where to start? You aren’t alone, less than 8% of business owners have a plan in place.
Filling out this quick survey will help you on your way to building a
‘Formal Succession Plan!’
What else can you do to plan?
Filling out the survey is a great place to start. It will help demystify the succession planning process by asking a simple series of questions to get you thinking about the pieces you will need to put together to sell your business. But what can you do past that to move forward?
We are here to help!
A SuccessionMatching team member will be reaching out to provide or recommend easy-to-understand resources, next steps, or suggestions for connecting with the appropriate professional for where you are in your transition process.
Our courteous staff is knowledgeable in all types of succession, including family transitions, selling to your staff, and 3rd party sales. We will even help you find a buyer!
Community Futures Manitoba and Community Futures Saskatchewan have also sponsored additional assistance for business owners in rural Manitoba and Saskatchewan for free one-on-one assistance through the Formal Succession Planning Program.
FORMAL SUCCESSION PLANNING PROGRAM
This program is designed to be completed over the course of 8 sessions, spread over 4 months. A member of the SuccessionMatching team will facilitate the 8 one-on-one sessions with you, and you can expect homework following each session.
The homework usually requires 2-4 hours of work from the owner, key employees, and/or engagement of the company’s hired professionals (ie: lawyer, accountant, etc) to complete.
After the completion of this program, you will know and understand the process required to develop and implement essential components of a succession plan for your organization.
These guided one-on-one sessions with your SuccessionMatching team facilitator were organized so that you will not only commit to completing your Formal Succession Plan, but actually create one.
TIMELINES & EXPECTATIONS OF THE PROGRAM
- 4 – 6 months to complete the program
- 8 guided sessions facilitated by myself or another team member
- 1-4 hours/week average of homework following each session
- 13.5 hours of SuccessionMatching (SXNM) team members time for sessions, questions, emails and administration
Please note: Privacy is extremely important to individuals going through this process and we do not sell or share your personal information to outside parties, the data collected is used internally to help the individual through next steps and to match them to resources available.
Our story: Our mission is to change the way individuals get into business by helping them purchase businesses from their family, current employer or third party. This first step in this process is to help ensure that both the buyer and seller understand the business transition process.
CFIB’s Nov. 2018 report titled, “Getting the Transition Right,” shows that only 8% of current business owners have a formal succession plan. Developing a formal succession plan continues to be a challenge for SME owners in part because of the high cost of access to good succession planning resources.
Facilitated by a member of the SuccessionMatching team, buyers and sellers go through a standardized one on one process to create a formal succession plan and get advice regarding certain parts of the process. This is perfect for individuals just starting the process, or those who have begun and are feeling overwhelmed. Participants will learn about the different types of transition, how to engage with community stakeholders and who is available to them, and pointed in the direction of further beneficial resources.