The vast majority of our membership is made of solid and determined entrepreneurs that have spent their lifetime building a business, giving only a fleeting thought to what comes next. My guess is that you have thought more about it over the last 12 months than over the last 12 years. Has there ever been another time in your life when you have had to take stock and re-think everything, knowing the future will be different from the past?
97% of business owners feel it is important to have a transition plan…yet only 22% have one.
Why not prepare for what is next for your business?
There is a simple question to answer – Are you prepared for the inevitable?
If your answer is no, don’t ignore the issue, begin to deal with it now.
It’s never too early to start
At some point in time, every organization needs to take stock and establish a fair evaluation of their business. Did you know that the average small business takes over 2 years to close from the time the owner decides to act?
Mega has always offered a variety of services to its members. Preparing for the next stage of your business is part of our mission in Making Independent Retailers Stronger, and over the last couple of years, we have developed several tools to help you manage your business, such as:
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- The Mega Business Fundamentals
- Our Tool Kit
- The Annual Mega Gamebook
- 12-month Marketing Calendar and E-Store
Our latest addition
We have recently added another tool – Preparing YOUR Business for Transition – Starter Guide.
Here are a few questions to get started:
- How do I evaluate my business?
Does it include buildings and other fixed assets, or the operation only? - Who are the stakeholders in any ownership change?
Family, investors, employees, suppliers, Mega… - Does my business have proper documentation in place for a new owner to be able to carry my success forward?
Procedures, HR policies, job descriptions, annual business plan… - Is the businesses financial house in order and does it present well for an evaluation?
Do I have intangible assets, and how do I value them?
Currently we have two businesses listed in Ontario that are interested in transitioning their business to new ownership (click here for more information or visit our Businesses for Sale section). We would like to help others in their transition as well. If you are interested in learning more, reach out to John Power at jpower@megagroup.ca or (905) 301-4347.