'biznes Volume 1 - Greater Sudbury's #voiceofbusiness

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SOUNDING THE ALARM Our Succession Planning Task Force operated with the mandate to raise awareness of the urgency and importance of early succession planning for businesses in <strong>Greater</strong> Sudbury. The task force engaged with business leaders to help raise this awareness. We commissioned OraclePoll to survey current and former business owners about succession planning. Here are some highlights from that survey. OF THE CURRENT BUSINESS OWNERS SURVEYED: 42% DID NOT KNOW what’s involved in succession planning or who they should contact for assistance. 51% HAVE NO formal succession plan in place REASONS FOR NOT HAVING A SUCCESSION PLAN • No one to take over/no buyers • Not interested/no need • Uncertainty over future • Too early 69% have a verbal plan 49% HAVE A formal succession plan in place 31% have a written plan TOP BARRIERS mentioned by current owners when it comes to succession planning • Training and knowledge transfers • Dealing with future income flows • Uncertainty over outcomes • Timing 27% IN 5-10 YRS 48% plan to EXIT/RETIRE in the next 10 years. 21% IN 1-5 YRS OF THE FORMER BUSINESS OWNERS SURVEYED: 32% HAD NO PLAN 79% CLOSED THEIR DOORS ONLY 21% SURVIVED PLAN NOW! TALK TO AN ACCOUNTANT, LAWYER OR FINANCIAL PLANNER ABOUT SUCCESSION PLANNING. Visit sudburychamber.ca/successionplaning for more information.
Page 1 and 2: 19 TH ANNUAL BELL BUSINESS EXCELLEN
Page 3 and 4: Laurentian University WHY STUDY ONL
Page 5 and 6: Contributors Tracy Nutt Karen Hourt
Page 7 and 8: THE IMPORTANCE OF THE NATURAL RESOU
Page 9 and 10: NETWORKING WITH PURPOSE Networking:
Page 11 and 12: co-locate and collaborate to work o
Page 13: AN EXCITING TIME FOR GREATER SUDBUR
Page 16 and 17: THE FUTURE OF MINING IN ONTARIO Dou
Page 19 and 20: Guandong Science Center (Bandung, I
Page 21 and 22: You build your business by surround
Page 23: NG STING IN RTH David Anselmo CEO,
Page 26 and 27: OUR 2016 BELL BUSINESS EXCELLENCE A
Page 28 and 29: ADVOCACY WHO WE ARE: The chamber re
Page 33 and 34: SMALL BUSINESS: TOO BIG TO IGNORE S
Page 35 and 36: in our community. Not to mention so
Page 37: ARE YOU A WOLF? Y ou look deep into
Page 40 and 41: EXPERT ADVICE. CUSTOM SOLUTIONS. Wh
Page 43 and 44: SUSTAINABILITY IN ACTION Clean AER
Page 45 and 46: CAMbRiAn CAMBRIAN COLLEGE: 50 TH On
Page 47: Laurentian University Accessible Le

'biznes Volume 1 - Greater Sudbury's #voiceofbusiness

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