Succession planning focus of seminar
It’s one thing to start a business and run it successfully. But what happens when you want to retire or sell that business?
The Rainy River Future Development Corp., in partnership with RBC, is hosting a succession planning seminar this Tuesday (Sept. 11) at noon at the RRFDC office (608 Scott St.)
To register, call 274-3276 by Monday (Sept. 10).
The seminar will be presented by RBC regional sales manager (small business) John Flynn, who will cover topics such as:
•what options are available to you?
•how and when will you exit the business?
•what is your business worth?
•how will it be valued?
RRFDC business investment officer Angela Halvorsen said business succession is something she gets asked about often.
“I often get people come in and ask, ‘Can I sell my business?’” she noted. “Or maybe they want to retire or move away, or they could just have decided they want a change.
“And many entrepreneurs will start a business, then sell it. Start a business, then sell it,” Halvorsen added. “That’s kind of a norm for a lot of entrepreneurs.
“So I get those questions quite often.”
Halvorsen said many times, people will sell their business as realty. But in actuality, the business has a value separate from the building it’s located at.
“I call it ‘the reputation,’” she explained. “[And] often the reputation goes with the entrepreneur.
“A business sells, the new entrepreneur maybe they don’t quite run it the same way, and before you know the business closes.
“I’ve also seen it go the other way,” Halvorsen stressed. “When a business is struggling along, the entrepreneur says, ‘I’m getting out of it,’ and sells it for basically cents on the dollar.
“A new person comes in that’s got the energy, new ideas, and innovations, and they can take it and just run.
“Those are the things that happen on either side of it,” said Halvorsen.
“But, of course, the hope for most people is that they’ll get something back out of the years they’ve put into their business.”
Halvorsen also noted “baby-boomers” are retiring, and some of their children are looking at taking over their parents’ businesses.
This usually works out well because they can gradually take over.
“But where it’s a little more tricky is if you’re selling outright. How do you do that?” she said, adding that’s where the business succession planning workshop will come in handy.
In related news, the RRFDC will be hosting a series of workshops throughout September.
•“Your Business Plan: Getting Started” on Wednesday, Sept. 12 (10 a.m.-1 p.m.);
•“Selling Your Product or Service to the Government of Canada” on Wednesday, Sept. 19 (1-2 p.m.);
•“Your Business Plan: The Home Stretch, Operations and Final Summary” on Tuesday, Sept. 25 (10 a.m.-1 p.m.);
•a Canada Revenue Agency payroll information seminar on Wednesday, Sept. 26 (10 a.m.-1 p.m.);
•“Search Engine Optimization” on Wednesday, Sept. 26 (1-3 p.m.); and
•“Search Engine Marketing” on Thursday, Sept. 27 (10 a.m.-noon).
For more information or to register for RRFDC workshops, call 274-3276 at least 24 hours before the start of the seminar.
These workshops cost $5 to attend.
The RRFDC hosts workshops via videoconference throughout the year.