Program Details
Flagstaff County has partnered with Grant Thornton to offer FREE one-on-one support to Flagstaff Region businesses that are succession planning. Participants will receive an initial consultation with Grant Thornton to discuss their unique circumstances, and determine the next steps and considerations most relevant to their business.
Why Succession?
Proper succession planning is essential to the health of our small businesses, communities, and local municipalities – not only in the Flagstaff Region but the rest of Canada!
- In Canada, $1.5 trillion of business assets could be transferred to a new generation of business owners over the next decade, up 50% from the last estimate in 2012. If this is not managed well, this could have a significant impact on local jobs and the economy overall. How many of our businesses will be prepared and positioned as an “Investable Opportunity” for a new generation of owners?
- 60% of small business owners do not have a succession plan in place because they are working too hard to secure a financial future, and
- 50% of small businesses in rural municipalities are either contemplating their exit or are currently for sale.
Whether you’re looking to retire, create an exit strategy, plan the next chapter of your life, or even pass down the reins to a family member, employee or entrepreneur, the Flagstaff Succession Program will be of interest to you and is currently accepting participants.
Participant Stories
Here’s what current business owners have to say:
“The Succession Program was a great resource for us. Grant Thornton answered all our questions – even the questions we didn’t know we had! We’re looking forward to continuing the conversation and improving our business strategies and planning. Thank you to the Flagstaff County Economic Development Department for bringing this resource to our Flagstaff County businesses.”
– Lynn and Janet Steadman, Cross Country Sales
Articles
We partnered with several external professionals to equip our region with the knowledge and resources you need to get started with succession planning. Click on the articles below to hear what some our partners have to say:
- The Importance of Succession Planning
- Preparing to Transition Your Small Business
- Passing the Torch to the Next Generation
- How to Maximize Value Before Retirement
- Don’t Let Your Estate Fall Victim to Double Taxation
- Keeping it in the Family: Succession Planning Tips and Insights
- Rural People are No Strangers to DIY Solutions
- The Importance of Head and Heart Leadership in Succession Planning
For more information on how the Flagstaff Succession Program can help support your business, please contact Shaina George – Economic Development Coordinator at 780-384-4151 or email sgeorge@flagstaff.ab.ca.