Preparing for the future of rural small business

In 2006 it was estimated that more than 40% of small business owners planned to leave their businesses in the next five years, and more than 70% within the next ten years. Yet up to 71% of these business owners didn’t have a plan on how to exit their business. We call these individuals “Generation Exit” – a whole generation of business owners wanting to exit the small business world. Are you one of these people?

Business Succession Planning

It is anticipated that over the next 20 years there will be many more businesses than there are owners and employees – resulting in the potential closure of many small businesses throughout our area. This will have an impact on employment, economic output, business formation and the availability of services in our region.

We at Community Futures recognize the importance of succession planning – of the need for services and resources for business owners wanting to retire from their business.  Community Futures of Alberni-Clayoquot is partnered with a new service that is being offered through Venture Connect - a partnership of six Community Futures organizations throughout Vancouver Island, the Sunshine Coast and Powell River.  Venture Connect's vision is to link potential business buyers to small business owners who are in the process of exiting their business by providing leadership, options and support. 

Venture Connect has been created to support small business changes through:

  • Supporting small business owners and potential buyers in preparing for business transition
  • Developing an online web source of businesses for sale with the ability to match business sellers and potential investors at www.ventureconnect.ca
  • Assisting buyers and sellers in entrepreneurship and small business supports

Venture Connect can assist with transition planning needs including:

  • an accredited business-for-sale listing on the Venture Connect website
  • A one-page Business Fact Sheet
  • A business price determination or valuation
  • Business staging consultation and coordination
  • A Business Transition or Exit plan

A Business Advisor can be contacted through the website at www.ventureconnect.ca or through the Venture Connect office (Toll Free) at 1-855-421-0082.

For more information about the potential impacts of “Generation Exit, “ watch this video “Facing the Demographic Shift in Rural Business.”

For more information on business succession planning please contact us.

Western Economic Diversification Canada