According to the Canadian Federation of Independent Businesses (CFIB) report released in January 2023, 76% of small business owners plan to exit their businesses within the next 10 years. However, only 9% have a formal succession plan in place.
Some common obstacles to succession planning include:
- Completing a business valuation
- Improving the value of your business to make it attractive to potential buyers or future owners
- The businesses reliance on the owner to be involved in day-to-day business activities
- Finding a suitable buyer
There are other significant considerations that many business owners are concerned with. These include:
- Ensuring your employees are protected
- Getting the highest price possible for your business
- Finding the right buyer who will carry forward your legacy and way of doing business
KWB Accountants & Advisors can help you prepare a thorough and thoughtful succession plan, and help you improve overall business performance to ensure that you attract the right buyer and the best price. Benefit from support and guidance to help you make the best strategic choices to achieve the outcome you desire for your business, you, and your family.
Book a consultation to learn more about how KWB can support your business goals and needs.
We also invite you to view this webinar on Selling a Business: Legal and Financial Considerations for Business Owners.