As in many other communities in Ontario and Canada, some Lambton County businesses are being challenged with the advancing age of their owners. In many cases, there is no defined plan in place as to how, who or when the business will transition to new ownership. Counsellors are available, in their role as impartial third parties, to assist business owners to develop succession plans that suit their individual circumstances and desires. Some points to keep in mind:
- Preparing for a business succession is typically a multi-year process
- Are there family members and/or employees that are viable interested candidates to eventually take over the business?
- How can the business owner maximize the value of the business and ensure its ongoing viability?
- How will the succession be financed?
Contact the Business Enterprise Centre to further discuss your options with one of our qualified counsellors.