Lake of the Woods Business Incentive Corporation (LOWBIC) is set to host a Business Succession Planning event in Timmins, Ontario, on May 18, aimed at small to medium-sized business owners looking to sell.
The event is free to attend and will take place from 9:30 to 10:30 a.m. ET at the chamber of commerce board room, 1 Pine St South, Suite 204, Timmins, Ont.
The non-profit organization, which primarily aids in business start-ups, acquisitions and expansion by providing financing and general business consulting advice, is hoping to raise awareness of this event, which will educate business owners on the process and steps involved in selling their businesses, things to consider and avoid, and provide resources and support on how to go through this process effectively and properly.
LOWBIC projects coordinator Cole Gander said, “According to a recent report, 72 per cent of business owners in Canada will transition out of their business either by selling to an outsider or shifting ownership within their family over the next decade. However, most don’t know where to start, how to prepare, or how to maximize the value of their business.”
LOWBIC, in partnership with Succession Matching — an online community of business buyers, sellers and succession planning professionals — started this project and is hosting these events in an effort to change that.
Eligible businesses can qualify for a free succession matching membership which includes access to 50 hours of recorded webinar workshops on preparing their business to sell. They will also have access to approximately 3.5 hours of consultation with the succession matching team and the ability to list their business on the succession matching online marketplace with thousands of potential buyers.
Gander said their succession matching memberships are provided for free due to funding received for the project from the Federal Economic Development Agency for Northern Ontario (FedNor).
For businesses looking for a more comprehensive approach, succession matching offers a formal succession plan (FSP), which takes business owners through a comprehensive 20-week program, assisting the business owner in preparing everything needed to sell their business, including a discounted cash flow analysis, a sell book or pitch deck, a sell sheet, a due diligence binder, 13 hours of administrative support, access to the online marketplace and much more.
FSPs are offered at a reduced cost of $1,000 (down from $5,000) due to the funding received for this project. However, availability is very limited.
Gander said LOWBIC had conducted four Succession Planning tours across Northern Ontario, speaking to over 100 business owners from 12 different cities and towns, all looking to sell their businesses.
With the upcoming Timmins event, LOWBIC hopes to provide even more information and resources to business owners looking to sell their businesses, preventing small to medium-sized companies from closing up shop and instead aiding them in selling it to a buyer who will take it over.
For more information on the upcoming event or the business succession planning project, please get in touch with Cole Gander at [email protected] or call 807-464-1116. You can also reserve your free ticket now on Eventbrite.