Planning the transition from business ownership to retirement or to another business is the focus of an upcoming workshop in Estevan.
The Estevan Chamber of Commerce, Can-Sask Career and Employment and Community Futures Sunrise, are sponsoring the succession planning luncheon on March 12 at the Days Inn to help people learn the steps needed in an effective succession plan.
In the next 10 years, two-thirds of Canadian business owners say they plan to transition out of their current business. Many business owners cite retirement, investing in new opportunities or realizing a return on their investment as reasons for this change.
"In the upcoming decade, many 'baby boomer' business leaders in Saskatchewan will be thinking about transitioning out of operations. Connecting current business owners, potential new entrepreneurs and information about succession planning is important for continuity and growth in the region," said Verna O'Neill from CF Sunrise.
"The luncheon speakers are industry experts, and will definitely provide important information to attendees. Paul Martin, well-known business journalist and author, is the featured speaker at the lunch. He will discuss both the need for succession planning in Saskatchewan and its importance to family-run businesses. Genelle Payant of Hire Yield HR Solutions will cover the option of transitioning a business to current employees. Alison Anderson will be the final speaker of the luncheon. Alison's company, Masyndic Consultants Ltd., has developed SuccessionMatching.com which is a business matching website. She will describe how this service can work for small business owners," said Rebecca Howie from the Estevan Chamber of Commerce.
"Laying the groundwork for a smooth transition is something that is often overlooked. Much focus is given to starting and growing a business, with less attention paid to ensuring the long-term continuance of the businesses that are built. Succession planning addresses those issues and helps to create a strategy for business owners. It also identifies potential investment or business opportunities for entrepreneurs in the region," said O'Neill.
Tickets are $10 to attend and lunch is provided. Registration is required - call Howie at the Estevan Chamber of Commerce to reserve your seat: 306-637-2190.
