Business Succession Plan

Business Succession Plan-48
If you’re very attached to your business, this might not be the pathway for you, as it’s difficult to predict if the external source truly shares your business vision or has something else in mind.

If you’re very attached to your business, this might not be the pathway for you, as it’s difficult to predict if the external source truly shares your business vision or has something else in mind.

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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.

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.

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.If you make a product that relies on imported resources, trade negotiations can disrupt the bedrock of your business.Depending on what stage you’re at with your business, it might not be clear which succession pathway you want to choose.The Bell Brothers headquarters sits on the former site of a coal distributor.President Jason Gassmann’s office is situated where a giant scale once weighed heaping loads of coal.Long before our everyday lives became digital, siblings Bob and Maurice Bell founded Bell Brothers, their heating and cooling business in Des Moines, Iowa.Back then, the brothers simply followed the installation of natural gas lines throughout the city to build their business, converting furnaces from burning coal to gas. Bell Brothers employs 90 people working on vastly different equipment, and the company is in the hands of its second family of ownership, the Gassmanns (pictured above).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.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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