With 70 percent of business owners looking to retire in the next five years, it will be up to the next generation of business owners to keep those businesses going in communities across Canada. BizLink is a new program that seeks to match business owners looking to transition their business to new ownership. BizLink provides access to tools, resources, and a network to assist individuals throughout their succession plan, business purchase, and ownership transition.
Community Futures South Georgian Bay provides complimentary advice and coaching through all stages of the transition process and financial support for new owners. Our office has developed a customized 6-phase process to help guide entrepreneurs undergoing transition and has used the latest research, information, and best practices.
What value does BizLink offer a Business Buyer/Seller?
BizLink offers buyers and sellers confidentiality and anonymity; connection suggestions based on each individual buyer and seller; referrals to local professional resources, such as business valuators, tax planners, accountants, lawyers, and real estate agents; contact with Immigration Specialists to promote businesses to international buyers; customized sales sheets to promote businesses through local networks; access to financing and business coaching; and workshops on related topics such as Bookkeeping and Business Valuation.
Do you know the benefits of buying an existing business?
Business transition opportunities allow new entrepreneurs to buy into businesses and leverage the existing connections and roots in hometown communities. In addition, new entrepreneurs can take an existing organization to a new level of success for years to come.
There are six main reasons to buy an existing business:
2. Existing cash flow
3. Easier to get financing to buy a business
4. Established name and reputation
5. Current staff in place
6. Businesses wanting to expand their market position
Are you looking for financial assistance to buy a business?
Our loans offer flexible financing with repayment terms designed for your maximum advantage. Loans are available for business start-up, purchase of an existing business, and expansion or maintenance of an
Do you have a succession plan in place for your business?
We can help any size or type of business: From small sole proprietors to mid-size companies, retail, construction, automotive, health, small mom and pop, agriculture, and farming. SuccessionMatching.com is one tool we use as part of our program. The site offers resources that complement ours to help you find the best buyer for your business.
Do you know how long it takes to sell your business?
Start succession planning today! Based on a survey done by the Business Development Bank of Canada (BDC), 83% of business owners looking to retire and sell their business estimate it will take less than two years.
In reality it takes on average of 3-5 years to complete the transition. When you are not prepared to exit, you put your biggest retirement asset- your company- at risk. Be patient, keep growing and improving your business to continue to build its value, seek outside advice, and create a team of professional advisors.