Having a succession plan will help you manage transferring the ownership of your business to someone else. You can create a succession plan even if you are not selling or leaving the business right away. This can help you save time in the future.
Contact us for guidance on succession planning, including how to outline your goals and implement your vision.
Develop an exit strategy
The Business Development Bank of Canada has an intuitive guide to helping you develop an exit strategy for your business, including evaluating the challenges you may be facing, why a plan is important, choosing a strategy, transferring your business and choosing/preparing your successor(s).
Steps to selling your business
The Business Development Bank of Canada offers helpful information on how to sell your business, including how to think like a buyer, finding a buyer, using business brokers, canvassing competitors, contacting industry consolidators and presenting yourself as a potential acquisition target when selling your business.
FedDev Ontario also provides information on closing or selling your business, including:
- Selecting professional services
- Evaluating the worth of your business
- Negotiating the price
- Finalizing the sale
