An Okotoks-based organization is spearheading an initiative to help educate businesses on the importance of developing succession plans.
Community Futures Highwood is co-ordinating the Succession Matching and Planning Project to address the need for succession planning and education resources in the rural business community of Alberta. Thje project work is being done in collaboration with seven additional Community Futures offices in the province: Community Futures Alberta Southwest, Community Futures Central Alberta, Community Futures Centre West, Community Futures Crowsnest Pass, Community Futures East Parkland, Community Futures Lethbridge and Community Futures Wild Rose.
The Community Futures groups are partnering with SuccessMatching, the Alberta Business Family Institute and the Commercial Ventures to bring a series of workshops and master classes over a period of 21 months. The first session is called "Selling Your Business - Expert Panel," and it will be a virtual discussion July 14.
"We have an increasing number of clients approaching our offices asking about assistance with the sale of their business or its transition to a family member," said Sara Noyes, executive director of Community Futures Highwood, in a written statement.
In smaller communities, some businesses have chosen to shut down rather than passing the torch, which can impact the entire community. Sometimes this is because the business owner is unaware of the options available or how to proceed with selling or transferring ownership, she said.
"This project will provide the resources and education needed to solve this problem," said Noyes.
The Succession Matching and Planning Project is being funded by the Rural Opportunities Fund, supported by Western Economic Diversification Canada. The fund is intended to support economic development and business retention projects in smaller and rural communities.
It can also raise awareness and educate business owners on what Community Futures refers to as the 'circle of influence' - bank personnel, realtors, municipal government and community stakeholders, who can all play a role in succession planning.
"We endeavour to see businesses successfully transition to new owners, ensuring those businesses remain a vital part of our local economies," said Noyes.
Registration for the project series is open and can be found on any Community Futures Facebook page or at https://www.eventbrite.ca/e/selling-your-business-expert-panel-webinar-tickets-111251813168
Krista Conrad, OkotoksToday.ca
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