September 10th, 2007
The Nelson Economic Development Partnership is hosting a seminar on September 24th to inform business owners on the importance of advanced transition planning and its key role in identifying potential opportunities and options, finding solutions and providing a smoother transfer.
In a recent survey completed by Community Futures, less that 20% of businesses had a formal succession plan. said Paul Wiest, General Manager of Community Futures Central Kootenay. Yet the need for a succession plan is critical to the future success of the owner and their business. It is analogous to a person not having a Will.
What can transition planning offer you?
Next to starting a business, deciding how you will exit may be your most important decision.
Benefits may include:
An action plan for how and when your business will be transferred-and to whom
Renewed commitment from your management team and stakeholders.
Clear management focus and well-defined future direction
Enhanced communication between entrepreneur and successor
Preserving and growing shareholder equity
Coaching and executive mentoring
Establishing a clear financial structure
Joy Playford, a trusted advisor and resource for the Business Development Bank of Canada, will cover transitional planning topics such as:
Business Valuation
Tax Planning
Succession Planning
Positioning the Sale
Legal Considerations
Financing the Sale or Transfer
Available Resources
The seminar will take place at Community Futures Central Kootenay 201-514 Vernon Street, Nelson. Cost is $25 per person (refreshments and snacks included). For registration, please call 250-352-1933.