“Family-owned businesses provide 60% of the GDP, create 70% of new jobs, and generate annual revenues of $1.3 trillion. And while one-third of family business leaders will retire in the next five years, only 32% will have a succession plan,”states Sauder School of Business, University of British Columbia earlier this year.
Succession planning answers the question, “What’s next?” Some entrepreneurs create a business to sell. This is either their retirement or leverage plan towards another phase in their life. With the assistance of good accountant and strong legal advice, any business can be sold for what it is worth. With a solid business development process that consistently brings in revenue without the owner’s assistance, a company can be worth double or triple its value.
"After we had Pauline work with our team, we made money. Pretty darn good for the first week of implementation. AND... the guys are excited by all of this." – Steve Heim, President, Brenco Industries Ltd.
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