Succession planning is the process of identifying and developing a buyer to takeover a business. Preparation by the buyer, seller and community are critical to ensuring the success of a business transition.
A well developed succession plan will assist in the smooth transition of a small business and will help to ensure its continued success. The Business Match-Making: Good Practices is a useful tool when planning for the transfer of a small business.
Watch this YouTube video, produced in partnership by the B.C. government and Community Futures, to learn more about succession planning for the small business owner.