In the fall of 2008 the Nelson and Area Economic Partnership surveyed business owners in the area. Findings from over 200 surveys returned showed that 55 per cent of business owners plan to retire or sell their business within the next 10 years.
Without proper planning, many businesses that do not need to close may close. The impact could be substantial. If even if half of the 55 per cent of businesses in Nelson close without finding a successor, the impact of approximately 300 businesses shutting down over a 10-year period is enormous.
In response to this, and for the third year in a row, the partnership is offering Business Succession Planning workshops. These highly successful workshops will provide information to business owners on the importance of advanced succession planning and its key role in identifying potential opportunities and options, finding solutions and providing a smoother transfer.
“It was a good introduction to a complex process,” says Julian Ross who attended last year’s workshop and his wife Ruth Porter have operated Polestar Calendars for almost 30 years. “We wanted to find out about how people go about selling their businesses. We took away a real understanding of the aspects involved, and how complex it can be.”
The 2011 Succession Planning Workshops will take place on two Monday evenings, May 9 and 16, from 6 to 9 p.m., at Community Futures in Nelson. To register, please contact Lisa at lcannady@futures.bc.ca, or call (250) 352-1933 ext. 105.