Succession in Rural Waterloo Region: Woolwich, Wellesley and Wilmot

The townships around Kitchener-Waterloo are home to many long-standing, owner-run businesses: trades, retailers, farm suppliers, small manufacturers and family shops in communities like Elmira, St. Jacobs, Wellesley, New Hamburg and Baden. Many were built over decades, and many owners hope to pass them on to someone they know.

Passing the business to family

Family succession works best with a plan. Agree early on who is taking over, how they'll pay or be compensated, how family members who aren't involved will be treated fairly, and what role you'll keep. Put it in writing with your accountant and lawyer.

Selling to employees

A long-serving employee or management team is often the natural buyer, because they already know the customers and the work. The challenge is usually financing. Clean financial records help them qualify for a loan, and options like seller financing or, for some businesses, an employee ownership trust can help.

Selling to an outside buyer

If there's no successor in the family or team, an outside buyer may be the best fit, sometimes a business from Kitchener, Waterloo or Cambridge looking to expand. They'll want to see that the business can run without you.

What every path needs

• Clear numbers you understand
• Documented systems, suppliers and key customers
• A list of assets, equipment and property
• A plan for introducing the new owner to customers and staff

Where SaleReady fits

SaleReady's online sessions run on Sundays, so you can join from home without losing a working day. If you'd like to meet face to face, your one-on-one coaching can be held in Kitchener, at the SDG Idea Factory or Catalyst Commons, a short drive from the townships.