With Family Day just around the corner, it’s time to talk “The Talk” with your kin. That’s right: we’re talking about family succession planning. Business owners want to see their businesses grow and succeed into the future. Yet, according to PwC Canada, only 18% of Canadian family businesses have a comprehensive succession plan. A family succession plan is vital for a smooth transfer to the next generation, so here are a few things you can do now to get started.
What’s the key in handing over the metaphorical key to the family business? It’s knowledge, of course! Throughout British Columbia, there are many free and low-cost resources to help you get a foothold on family succession planning. Grab the kids and start learning together with these suggestions:
- Canadian Business Network | Succession Planning Guide
- Family Enterprise XChange (FEX) | YouTube Videos
- Business Family Foundation | Blog Posts
- Small Business BC | “Family Succession” Blog Posts
- Smart Farm BC | Succession Planning Resource
- UBC Sauder School of Business Families Centre (BFC) | Reading List & Programs
Now that you know a thing or two, it’s time to connect. Surround yourself with a like-minded business community to make connections and help you understand the succession process. Not sure where to begin? Start scoping out these local events and chapters:
- CAFE Vancouver Family Business Day | February 16th
- Family Legacy Series Gala 2017 | April 27th
- Family Enterprise XChange (FEX) | Vancouver, Vancouver Island, and Okanagan chapters
So maybe you’ve got plenty of mileage left before your Monaco retirement dreams, nonetheless it’s never too early to think of the future. You’ve invested a lot into your business and want to leave it in good hands and a bright future. So save yourself and your successor a headache, and start your family succession plan today.
(Not the successor in this plan? Start your own business with one of our 100+ industry guides!)