Numerous small to medium sized businesses in Western Canada are currently owned and operated by a member of the baby boomer generation. This generation is now moving into their mid-60s and looking at relatives to pass the business off to or arrange a sale of the company.
“More than 60% of small or medium-sized business owners have no succession planning and reach out for help only when something big happens” (Hopkins, 2012)
If you are planning an internal hand-over of your company to a younger generation, setting up your descendants for success is crucial. Marketing can play a key role in your contingency planning. While the older generation may want to keep the legacy of the company intact, the new generation may want to take the company’s brand in a new direction. Sitting down with a strategic marketing firm gives your company a great 3rd party perspective and can provide you with a brand strategy and tactics that will allow the company’s transition be a successful one.
If you are looking to sell your company, you are heading into a very flooded market. Many small business owners are looking at the sale of their company as their retirement plan and it is a buyers’ market within most industries. Boosting your company’s brand within its respective market can make your company prominently more attractive to potential buyers.
For some sound advice on how marketing plays a key role in your succession plan, contact Ryan Townend, CEO 1.877.770.0840 ext. 2896
Financial Post (2012). Banks see huge uptapped market in succession planning for Boomers. Retrieved from http://business.financialpost.com/2012/12/20/banks-see-huge-uptapped-market-in-succession-planning-for-boomers/