Half of all owners of small and medium-sized businesses in Canada are set to retire over the next decade, and many of them own family businesses. Usually, they expect their business to stay in the family after they retire, but in fact, only about 30% of family businesses survive into the second generation, 12% into the third, and 3% into the fourth or beyond. (Family Business Institute)
The reasons are many — lack of interest or friction among the offspring, loss of an essential skill set when a parent retires, and most important, lack of family business succession planning.
ReGeneration’s purpose is to help owners transition their day-to-day involvement in the business to a skilled capable leadership team. We accomplish this through:
- Peer advising
- Identifying and documenting key processes
- Team building
- Developing effective leadership practices
- Creating individual accountability
- Providing training in small business management techniques
When helping a business transition, ReGeneration focuses on two distinct entities: the owner(s) and the incoming leader and leadership team.
When a business owner has handed over the reins to the designated leadership team and is in a position to sell or comfortably retire with a passive revenue stream being generated by the business, we know our job is done.