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It’s not just the Queen who needs to have a succession plan: business owners should develop a strategy for passing on the reign or closing their venture.
Bike Shop Yamba’s Michael Vincent knows the importance of having a succession plan and has already planned his own business exit.
A former business and sales coach, he has owned the bike shop for six years.
“It is important for every business to have an exit plan, but not just an exit plan – also a sidestep plan, because you never know what’s going to pop up.’’
Northern NSW business owners across 11 LGAs can learn how to prepare an exit plan by taking part in the free Business Community Resilience (BCR) Toolkit pilot program.
Delivered by corporate2community, a social enterprise committed to building resilience in all businesses (big and small), the 26-part program helps business owners and operators take small steps to build resilience in any size and type of business by asking two yes or no questions and providing simple tips.
BCR Toolkit Module 10 – Can’t Keep Going – is out Wednesday 9 February.
Northern NSW BCR Toolkit lead Emma Wallace said: “It’s never easy to close a business. You’ve poured your heart and soul into it and sometimes it’s like closing a part of yourself off.’’
She encourages business owners to consider the importance of their business to their community and think about selling their business rather than closing it.
“If you sell your business to someone else in your community the benefits include building community capabilities, keeping knowledge in the community, retaining revenue and jobs in the community and the satisfaction of seeing your hard work continue into a new chapter.’’
However, the past two years of compounding disasters had taken a toll on business owners, with some unable to pay the rent.
Here’s some tips for moving on from your business:
- Tell your customers
- Plan the transition to prepare yourself and your employees
- Consider legal and regulatory requirements
It’s not too late to join the free BCR Toolkit program – just go to https://toolkit.corporate2community.com/.
Past modules include: 80/20 Rule, 3 Revenue Streams, Supply Chains, Linchpin, Internet Connection, Little Black Box, Next Door Saviour, No Power No Problem and My Community Needs Me. Data collected during the BCR Toolkit program is shared with local working group representatives including councils and business chambers to support local learning and future funding outreaches.
The free BCR Toolkit pilot program runs until September 2022. The program is funded via the joint-funded NSW and Commonwealth Government Bushfire Community Recovery and Resilience Fund (BCRRF). The program is free to any person from all businesses operating across Armidale, Ballina, Byron, Clarence Valley, Kyogle, Lismore, Nambucca, Richmond Valley, Tenterfield, Tweed, Uralla.
Register at https://toolkit.corporate2community.com/ to access past modules.
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