Thinking of exiting your business? Start here.
If you’re one of the thousands of business owners thinking of leaving the business in the next 10 years, it’s time to start planning.
Having a succession (or exit) plan in place will make the process of transitioning out of your business much easier. Without one, the future of your business could be at stake. Early planning will also help you maximize the value of your business.
While transition and succession planning can be complex, CFIB is here to help you access professional advice, and provide you with crucial tools and resources.
What is succession planning?
Succession planning is the process of choosing the right exit strategy to protect your hard-earned business investment when the time comes to leave.
A succession plan starts with a vision of the future and finishes with the successful transition into the next stage of your life. Whether the goal is to keep the business in the family, pass it on to key employees or sell and move on, it’s a process that requires thought, preparation and time to implement.
Why should you plan your exit?
Having a succession plan will help ensure the transition goes as smoothly as possible. A well-designed plan will help you:
- Ensure the financial stability and value of your business
- Reduce the potential tax liabilities of transferring the ownership
- Set a timetable for transfer of ownership to your successor
- Provide stability for your employees
How to get started
CFIB’s business counsellors work with business owners planning their transition all the time. Here are some articles they’ve prepared on succession planning, and some information on the policies we’re pushing the government to adopt to make succession easier.
Looking to buy a business? Here are some tips!
CFIB members can take Vubiz’s succession course for free! The three-part course will help you plan for the transition, start the process of valuing your business and teach you how to get the best return on your investment when it’s time to sell.