Businesses to talk succession planning
|By Lisa Gervais - Editor | April 6, 2017|
If you’re getting older and thinking about retirement but not sure who’s going to take over the business, an upcoming series may prove helpful.
The topic of business succession planning was introduced during a Haliburton Highlands Chamber of Commerce breakfast Tuesday at the Oakview Lodge and Marina.
The monthly gathering of chamber members was a reminder about a succession planning event series that kicks off with a panel next Tuesday (April 11) from 6 – 8p.m. at the Pinestone Resort.
Panelists will include: Tom Wilkinson, a broker with Century 21 Granite Realty Group; lawyer Ray Selbie; Natasah Hinze, of Dawson Gray LLP Chartered Accountants and Kevan Herod, a financial advisor with Herod Financial Services.
Local businesses will also be on-hand to share their succession success stories.
Another event is planned for April 27 in conjunction with the chamber’s Young Professionals Network (YPN).
The chamber is partnering with BDC and the HCDC on this venture.
HCDC’s Patti Tallman said they have business consultants who can help, provide grant and loan opportunities and mentoring.
She said they have successfully helped business owners to transition so that “they’ve achieved their goals and are living the dream in Haliburton County.”
Michael Gatschene of BDC, said he works with people buying businesses and one of the greatest challenges is the seller’s financial statements aren’t in order. He said 66 per cent of Ontario businesses are planning to exit within five to 10 years but an “alarming” 52 per cent don’t have a plan in place.
He said business owners should be thinking about things such as process and selection of a successor.
Otherwise, he said they are forced to sell at a discount, to a competitor or to close. He said succession planning can take up to 10 years to execute. He is a big believer in planning now as opposed to waiting until later. He encouraged businesses to attend next Tuesday’s planning panel as there will be a number of professionals under one roof to answer questions.
“If you’re a business owner, succession should be a top priority …”
To register for the Succession Planning Event Series, go to events at halibutonchamber.com or email firstname.lastname@example.org.
LISA GERVAIS is the editor for The Highlander.