Peterborough Business Owners Invited to Free Event on Planning Their Business’s Future

By Scott Arnold

A free breakfast event in Peterborough will help local business owners understand how to prepare for retirement, plan a business sale or pass their company on to the next generation.

Community Futures Peterborough and BDC Launch SOAR Succession and Valuation Series to Help Business Owners Plan for the Future (photo courtesy of community futures)

Community Futures Peterborough and the Business Development Bank of Canada (BDC) are launching the SOAR Succession and Valuation Series to help business owners plan for a successful transition and give aspiring entrepreneurs insight into buying an existing business.

The series begins Tuesday, November 24th, at the Peterborough Golf & Country Club, bringing together business owners, succession experts and professional advisors for a morning of discussion and networking.

Succession planning can take years, but many business owners leave it until they are close to retirement or ready to sell.

“Successful transitions often begin three or more years before a sale takes place,” said Devon Girard, Executive Director of Community Futures Peterborough. “Through the SOAR Series, we want to give business owners the knowledge and resources they need to maximize business value, prepare the next generation of leadership, and create a successful transition strategy.”

The kickoff event will cover business valuation, succession options involving family members and employees, leadership development, financing and the legal considerations involved in transferring ownership. It will also offer guidance for people interested in purchasing an existing local business.

A highlight will be a fireside chat with Jillian and Ian Scates of Central Smith Creamery, who will share their experience with business transition. An expert panel will also feature Michael Riseley and Matt Holmes of Holmes Riseley CPAs and Tax Advisors, Nicole Truman of Fox Law and Jody Burnie of BDC.

BDC Vice President and Head of Community Banking Adil Hassam says business transitions can help preserve local jobs and create opportunities for new entrepreneurs.

“Nearly one in five Canadian businesses will change hands within the next five years,” Hassam said.

The event runs from 8am to 9:30am, with doors opening at 8am for breakfast and networking. Attendees will also learn about follow-up succession planning workshops planned for January through the Community Futures Peterborough and BDC partnership.

Registration is free, but seats are limited. Priority will be given to local business owners interested in succession planning and valuation, as well as people exploring the purchase of a business.

To register, visit the SOAR Succession and Valuation Series kickoff page on Eventbrite.

Scott Arnold is a Journalist and Content Creator at PTBOCanada Media Inc

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