Community Futures Highwood has announced the launch of ExitNavigator, a new initiative designed to support rural Alberta business owners seeking to sell or transition their company.
With seven out of 10 Canadian entrepreneurs expected to transition the ownership or leadership of their company in the next three to five years, the time is now to provide critical support to business owners, according to Community Futures Highwood.
Funded by PrairiesCan through the 2.0 Rural Opportunities Fund, ExitNavigator is a collaborative effort between three Community Futures organizations (Community Futures Centre West and Community Futures Lethbridge Region are the other two) and the social enterprise VentureConnect.
“With the growing number of business owners looking to retire, the time is right for Community Futures to provide a service supporting both current business owners and prospective buyers,” said Ursula Sherwood, executive director at Community Futures Highwood.
“Adding ExitNavigator to our current suite of services will position Community Futures as a lead resource in regional business transitioning through purchase and sale,” said Sherwood. “The continued viability of these businesses will add significant value to business economies and provide a sustainable quality of life to both the entrepreneur and the region which it operates.”
ExitNavigator will also serve Alberta entrepreneurs who would like to purchase an existing business.
Services include business consultations, valuations, mediation, business loans, and other transition-related support for companies located outside the major metropolitan areas of Calgary and Edmonton.
Initially, ExitNavigator will be available through the three Community Futures organizations, supporting business owners in those regions. As the program grows, it aims to expand, reaching even more rural communities and business owners across Alberta.
“Many business owners and entrepreneurs have spent decades focusing on growth and profitability, and haven’t planned for their exit,” said Sherwood. “What do they do with their business when it’s time for them to take a step back?
“ExitNavigator provides guidance to ensure viable businesses can continue operating and serving their community, while also taking the needs of the outgoing business owners into account.”
Current or prospective business owners interested in exploring ExitNavigator’s services can visit exitnavigator.ca or contact the ExitNavigator project coordinator at the Community Futures Highwood office at 403-995-4151 ext. 5 for more information.
