Succession Ontario is a free business transition planning hub that helps Ontario’s small business owners prepare for what is next. Whether selling to a third party, transferring the business to family or employees, or winding down, Succession Ontario provides practical tools, self-paced modules, virtual workshops and a free business valuation estimate to help owners plan ahead with confidence.
As part of Succession Ontario, the Small Business & Entrepreneurship Centre offers one-on-one succession planning consultations to help our local business owners take the first step toward their future.
What’s next for your business?
Whether you’re planning to sell, transfer your business to employees or family, or wind down, the future of your business deserves a plan.
As your local Ontario Small Business Advisory Centre, the Small Business & Entrepreneurship Centre is proud to be part of Succession Ontario, the province’s first centralized succession planning hub, created to help small business owners take their next step with confidence.
OSBAC programs and services are delivered by the Small Business & Entrepreneurship Centre and are funded in partnership with the Government of Ontario.
What is succession planning, and why does it matter?
Succession planning is the process of preparing for the eventual transition of your business. It covers everything from understanding what your business is worth, to assembling the right team of advisors, to mapping out a realistic timeline for your exit.
The majority of Ontario’s small business owners expect to transition out of their businesses within the next decade, yet only one in ten have a formal succession plan in place. Planning early gives you options, protects the value you’ve created, and helps ensure your business as well as the jobs and community connections that come with it continues to thrive.
Free tools and resources built for you
Through Succession Ontario, you have access to a growing library of free, self-paced resources designed specifically for small and micro-business owners:
- Online learning modules that walk you through the succession planning process step by step, at your own pace
- A free business valuation estimates to help you understand what your business may be worth in today’s market
- Practical planning tools for building a transition roadmap, preparing your financials, and assembling your advisory team
- Guidance on your exit options, including transferring to family, selling to employees or a third party, and wind-downs
Everything is free, practical, and built to meet you wherever you are in your journey
One-on-one support at the Small Business & Entrepreneurship Centre
As part of Succession Ontario, the Small Business & Entrepreneurship Centre offers free, confidential one-on-one succession planning consultations with a local business advisor.
During a consultation, we can help you understand your options, identify relevant resources and begin developing a plan that reflects your goals, timeline and business. Whether you are years away from a transition or ready to take action now, we are here to help you move forward with greater clarity and confidence.
Take the first step today.
Additional succession planning resources
In addition to the tools and support available through Succession Ontario, the following resources provide more detailed guidance on developing an exit strategy and preparing to sell or close a business.
Develop an exit strategy
The Business Development Bank of Canada offers a guide to developing a succession and exit plan. It explores why planning ahead is important, how to assess potential challenges, the different ways ownership can be transferred and how to identify and prepare a successor.
Prepare to sell or close your business
The Business Development Bank of Canada also provides practical guidance on selling a business, including preparing your business for sale, identifying potential buyers, working with business brokers and presenting your business as an attractive acquisition opportunity.
The Government of Canada’s Small Business Services also provides information on closing or selling a business, including:
- Selecting professional advisors
- Determining the value of your business
- Negotiating a sale price
- Finalizing the sale or transfer