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January 21, 2013

Manitoba creates succession planning resources

As about 40 per cent of small and medium-sized business owners are expected to retire in the next five years, Manitoba is creating a resource centre to help entrepreneurs with that transition.

“Throughout Manitoba, baby boomers, who own small and medium-sized business, are approaching retirement and want to ensure the future success of their operations,” said Manitoba Premier Greg Selinger. “The Manitoba Business Succession Resource Centre will be a one-stop shop offering the assistance they need to efficiently transfer their businesses to a new generation of entrepreneurs.”

The resource centre will be delivered through a new single-point of contact business services organization that was announced in the province’s throne speech.  

It will showcase resources and business information specific to business succession including offering workshops, seminars and guides, business counselling services and access to industry professionals. 

Business succession planning is one way to ensure the extensive transfer of viable enterprises takes place effectively, promoting a healthy business community and a stronger economy, said Selinger.

“The new resource centre will build on the recently introduced Employee Share Ownership Plan tax credit, which helps existing employees transition from employee to business owner, empowering employees and strengthening businesses and the Manitoba economy,” he said.

Enhancements will also be made to the Manitoba business website, highlighting the resources and programming specific to business succession.

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