Business Transfer and Succession

Transferring a business to someone else to ensure its succession is a major step in the life of an entrepreneur. On one hand, it’s about passing it on to the next generation to experience a new adventure. On the other hand, it’s the beginning of a great professional challenge full of promise.

To ensure that the change of hands goes as smoothly as possible, it’s best to establish—for both parties—a solid business transfer and succession plan.
Did you know that the SADC and CAE in your region can help you with this? Their advisors are experienced and familiar with the steps involved in a business transfer.

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Takeover

Taking over a company is a great way to get started in business. That said, a business transfer doesn’t just happen; it has to be planned! Since every situation is different, you’ll need a custom strategy that will allow you to take your place in a gradual and structured way.

To establish a plan where both parties will feel comfortable, it’s important to ask yourself the right questions:

  • Over how much time will the transfer be spread out?
  • What external experts could help you with the transition?
  • What actions could you take to make the transferor feel confident?

Your SADCs and CAEs can help you find the right avenues for reflection and put you in touch with the appropriate resources. Get informed! They will be able to offer you the necessary perspective to facilitate your business transfer, which can sometimes be a delicate step.

Sale

Establishing a good succession plan may not have been on the agenda when you were thinking about selling your business, but this is a step that can change everything at the time of the transfer.

To do this, it will be important to take stock of your situation in order to adapt your strategy accordingly:

  • Do you want to proceed with a management transfer or an ownership transfer?
  • Who will take over for you? A family member, an employee who is familiar with your business, or an external player?
  • How do you see the transition? Do you want it to be fast or gradual?

The SADCs and CAEs can support you in establishing an effective strategy. In total confidentiality, you will benefit from attentive listening and sound advice that match your reality as a local entrepreneur.

Multiple resources are available to facilitate your business succession and transfer. It’s up to you to take advantage of them!

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