Esterhazy hosting business succession readiness workshop Feb. 12
January 27, 2025, 2:04 pm
Ryan Kiedrowski, Local Journalism Initiative Reporter
The Esterhazy Economic Development Committee is hosing a succession readiness workshop for businesses on Wednesday, Feb. 12, with Cindy Reid from Ready for Next as the speaker.
“Tammy MacDonald (Town of Esterhazy CAO) and I attended the SEDA Summit a few years ago where Cindy Reid was a breakout room speaker,” says Crystal Sabo, Planning and Economic Development Director for the Town of Esterhazy. “She immediately captured our attention with compelling statistics about succession planning and business owners. An estimated eight in ten business owners plan to exit their businesses within the next five to seven years, yet fewer than three per cent know the value of their business.”
Last summer, Sabo brought the idea of hosting a business succession workshop to town council, who supported the idea. Initially, a date in November was considered, but with municipal and provincial elections happening, the decision was made to choose on a date in early 2025.
“In our area, the small business owners put their heart and soul into their business, and that’s one of the things that the town of Esterhazy wanted to give this back to our community. This is something that we stand behind. We want to give back in that way.”
The half-day workshop will tackle topics such as including the fundamentals of building a valuable business, the importance of risk, and understanding transition options. Sabo added that the workshop is open to all business owners, not only those on the cusp of transition.
“It doesn’t have to be businesses who are ready for that transition to retirement,” she confirmed. “This is open for all types of businesses—if you’re just starting out, just to keep you guided on that right path, or if you’re in that 80 percentile of ready to retire, then what do you really need to look at so that you can transfer that wealth.”
There will also be tools available to business owners after the workshop, once they’ve had a few days to mull over what they’ve learned and come up with more questions, or those simply seeking more resources.
“They also have access to what’s called an Owner Readiness Hub,” Sabo said. “It’s an online portal, and that’s where they’re going to get free business value spotlight assessments.”
Business owners can complete a Transition Readiness Scorecard, which gives personalized steps for a smooth transition.
“Then there’s an Owner Dependency Scorecard, because so many small business owners, they are the heart and soul of their business,” Sabo said. “How owner dependent are they? A lot of them are. So how do they become less owner dependent?”
Micro-learning sessions are also available to assist in breaking down succession planning concepts as well.
“There’s lots of learning opportunities on this hub, and they’re micro-learning because we know business owners are very busy and they just want to get to it,” explained Sabo. “That alone is really good to give them that portal as well—not just in the half day session—but they can go back on it afterwards and take a look and benefit from it as well.”
The succession readiness workshop runs from 10 am to 2 pm on Feb. 12 at the SN Boreen Community Centre in Esterhazy. For those looking for more information or to register, they can call (306) 745-3942 or email ecdev@esterhazysk.ca.
