According to provincial data, more than 10,000 business owners in Saskatchewan are currently looking to transition their current business model. Businesses that do not find buyers could potentially close, thus leading to job loss, smaller tax revenues and reduced community services.
The proposed partnership will take business planning a step further and will offer access to SuccessionMatching services free of charge for Edwards School of Business students and any University of Saskatchewan alumni who pre-qualify. They will be able to match with a potential business to take over and work with the owner or producer on a transition plan.
“Partnering with SuccessionMatching is a natural fit as we are currently expanding our undergraduate business planning course,” said Edwards School of Business Dean Keith Willoughby. “Encouraging students to take advantage of this partnership has the potential to position students for further success after they have graduated.”
Statistically speaking, the numbers speak for themselves. According to a study from the U.S. Small Business Administration, 10 per cent of individuals who start their own business are successful after five years compared to 70 per cent of people who buy a business after the same period.
“The average business and farm transition in Canada takes 2-7 years. This program will allow business owners to match with potential buyers and structuring a plan to be bought out over time will provide not only tax planning but also mentorship opportunities,” said Alison Anderson, CEO and founder of SuccessionMatching.
“Edwards School of Business offers forward-thinking programing on the necessary business skills required to run any business or farm,” added Anderson. “By matching these skills with real opportunities, we believe this will help strengthen our communities and help students think outside the box when they are interested in being their own boss.”
Media are invited to attend the partnership announcement at 3 pm on Wednesday, August 9, 2017 on the main floor of the Edwards School of Business. There will also be a Facebook Live event broadcast from: https://www.facebook.com/edwardsschoolofbusiness
Successionmatching.com is an online platform that matches business buyers and sellers. The site boasts three levels of privacy settings; Public, Semi-Public, Private. This ensures that sensitive information or the fact that you are looking to sell or buy a small business is kept confidential from your customers, suppliers, competition, or boss.
About Edwards School of Business:
Over the past 100 years, Edwards School of Business has committed to providing excellent educational experiences for students. We offer five degree programs to over 2,200 current students at the certificate, undergraduate, and graduate levels. Our mission is to develop business professionals who build nations. We embrace the teacher-scholar model and deliver our mission through faculty with strong academic and professional expertise. Through co-operative education and extensive experiential learning opportunities, our students receive relevant experience leading to exciting career opportunities upon graduation.