Business Succession Planning - Preparing for the Future of Rural Small Business
In 2006 it was estimated that more than 40% of small business owners planned to leave their businesses in the next five years, and more than 70% within the next ten years. Yet up to 71% of these business owners didn’t have a plan on how to exit their business. We call these individuals “Generation Exit” a whole generation of business owners wanting to exit the small business world. Are you one of these people?
It is anticipated that over the next 20 years there will be many more businesses than there are owners and employees – resulting in the potential closure of many small businesses throughout our area. This will have an impact on employment, economic output, business formation and the availability of services in our region.
We at Community Futures recognize the importance of succession planning – of the need for services and resources for business owners wanting to retire from their business. That is why we partnered with other business development organizations on the Venture Connect project. Venture Connect was created to link potential business buyers to small business owners who are in the process of exiting their business by providing leadership, options and support. To find out more, please visit www.ventureconnect.ca
For more information about the potential impacts of “Generation Exit”, watch this video “Facing the Demographic Shift in Rural Business”.