The Timmins Chamber of Commerce officially launched its
Transition Planning report at their General Member Meeting at the Schumacher Lion’s Club on
June 13. The report highlights key findings in a recent survey that asked local family-run
enterprises how and when they plan to exit their business and what measures they have in place
to ensure both their future financial security and continued success of their business.

“In continuing with identifying local projects of key importance to its members, the Timmins
Chamber Municipal Affairs Committee undertook the task of conducting a transition planning
survey,” said Val Venneri, Chair of the Municipal Affairs Committee. “The survey asked business
owners where they are in the lifecycle of their business, how prepared they are to sell their
business and if they are taking the steps necessary to realize the best price for their most
valuable asset — their business,” added Venneri.

The report sheds light on the obstacles faced by soon-to-retire business owners, identifies their
plans to acquisition a business, who their prospective buyers are, what their exit timelines are,
and how they identify potential buyers. In the report, the committee examined whether business
owners are taking steps to ensure they get top dollar for their business while securing its
continued success.

Some unsettling statistics arose from the report which identified that many local small- to
medium-sized entrepreneurs (SMEs) have no formal or informal succession plan in place.
“Without an existing transition plan, business owners may miss key steps in the sale of their
business. Their financial security and continued success of the business are not only crucial to
the future business owner, but to the prosperity of our local economy as well,” said Venneri.

Venneri added, “Transition planning can be daunting for owners of SMEs who lack the appropriate
resources. The most cited barrier in transition planning and the eventual sale of their business is
finding a buyer for their enterprise. Access to information on valuing their business ranked second
in the list of barriers when it comes to transition planning. Without proper information, the process
of financing a transition plan and valuing the business can be difficult, leaving many unsure of
where to start.”

The recommendations and index of local Chamber member resources will seek to encourage our
local business community to find value in planning, highlight how and where local professionals
can help, and that government recognizes opportunities to assist with the coming shift.
To access the full report, click on the link below or visit timminschamber.on.ca

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