Saskatoon, SK - A lack of business succession planning is a leading contributor to poor business retention within the overall framework of community and economic development. On average, a business transition in Canada takes between two and seven years. Many business owners either have no plan or fail to consider the time involved, resulting in forced asset sales for pennies on the dollar or seeing the business close entirely. This has potential for a dramatic loss of business assets within our Saskatchewan communities and presents concerns for both economic development organizations and business associations.
Alison Anderson, CEO of SuccessionMatching affirms "we have over 100,000 businesses operating in our province, contributing 31% to the Saskatchewan GDP. Yet 48% of Saskatchewan business owners surveyed by the Canadian Federation of Independent Business indicate that they plan to retire in the next 5 to 10 years and 52% have neither informal nor formal succession strategies in place. SuccessionMatching.com provides a secure online platform that gives business owners the ability to effectively find buyers; and buyers the ability to find successful businesses."
Founded in 2012, the company was named the number one place to buy or sell a business online across the country by Industry Canada (2015). Thus far in 2017, SuccessionMatching has booked more revenue than the previous 5 years combined. Employees have tripled over the past two years and the tech firm in now forecasting an additional 10 employees in the coming months within establishment of a new head office.
“The Government of Saskatchewan recognizes the value that technology companies add to the diversified economy, and we are pleased to support their contributions through our investments in innovation, science, research, and development,” Minister Responsible for Innovation Jeremy Harrison said. “As a home-grown Saskatchewan technology startup, SuccessionMatching provides an impressive approach to business succession and planning, and assists our province’s growing technology-based economy.”
In 2016, SuccessionMatching launched a pilot of a ‘community driven’ approach to this issue in partnership with the Saskatchewan Economic Development Association (SEDA). The City of Prince Albert and the Town of Biggar engaged in the pilot which is expanding to include the cities of Humboldt and Swift Current in 2017. The program has also been picked up by regional partners in Ontario and Alberta. A potential audience of 49,470 businesses in Ontario and Alberta will be reached via the community driven approach this year.
“Retention and expansion of small to medium size businesses is a priority area for our organization” Verona Thibault Executive Director of SEDA said. “Business succession is one of the most underutilized retention strategies and requires a proactive commitment on the part of local community leaders.”
SuccesionPlanning acknowledges the following community and corporate partners:
Prince Albert Contact John Guenther, Director Planning & Development City of Prince Albert
Biggar Contact Amanda Carruthers, Economic Development Officer, Town of Biggar
Humboldt Contact Jennifer Brooks, Director of Communications & Community Development City of Humboldt
Swift Current Contact John Parker, General Manager, Community Futures City of Swift Current
Business Development, Bank of Canada
Shea Nerland Law
For more information please contact:
Alison Anderson, CEO SuccessionMatching at 306-992-5547 or
Verona Thibault, Executive Director SEDA at 306-381-3900