You’ve built a successful business but now it’s time to try something else.   There are steps to take ahead before you get set to walk out the door.  Elaine Palson of Future-Preneur Canada has some advice.

 “I also want to reinforce the importance of succession planning.  That's not a short-term process.  That can potentially take five to eight years.  So just helping these exisitng business owners understand that although they've worked really hard and they've planned and they've built these businesses, they also have to plan that exit strategy and succession.”

Future-Preneur Canada, formerly known as Canadian Youth Business Foundation, is a national non-profit organization that helps young people between 18 and 39 get started in business.  

And, if you’ve got a great business idea but you’re not sure how to get started,  Future-Preneur Canada has pre-launch support that can get your business off the ground.  Palson  outlines here the many forms that a start up can take.

 “If they’re starting from scratch, that would be a startup.  If they've been in business less than 12 months, we would still consider them in that startup phase.  If they've been operating a business part-time and are ready to ramp it up to a full-time operation, that would be a startup as well.    Purchase of an existing business or a franchise.  If you have found a young person that is interested in being that successor of your business, how we view that is  somewhat of a startup as well."

For help with business plans, financing and business resources, visit Future-Preneur at futurpreneur.ca/resources.