Photo (left to right): Alison Anderson – Founder - Succession Matching, Dr. Trevin Stratton – Chief Economist - Canadian Chamber of Commerce, Darcy Hulston – President and CEO - Canoe Financial, Meg Ronson – Director of Partnerships - Succession Matching, Brandi Braithwaite – Director - Alumni and Development, Cambrian College, Renee Scott – Director – Student Success and Recruitment , Cambrian College, Rainer Paul – Executive Director – Nickel Basin Federal Development Corporation
SUDBURY – Finding meaningful work is what college students have in mind when they graduate. Cambrian College wants students and alumni to consider another option: run your own business.
To help that process, Cambrian College has partnered with the firm SuccessionMatching, and has joined its Be Your Own Boss program. It is one of seven post-secondary institutions in Canada to sign up.
The Be Your Own Boss program engages post-secondary students and alumni to consider purchasing an existing business instead of starting their own. Under its Be Your Own Boss program, SuccessionMatching links post-secondary students and graduates with private entrepreneurs and businesses owners who are considering selling their companies, and are looking for suitable successors who can take over the business.
"There are many potential benefits for the existing business owners and the incoming entrepreneurs, but those benefits apply to others as well,” says Alison Anderson, CEO and Founder of SuccessionMatching. “Employees of the business can continue their work, customers and suppliers don’t experience any interruption in service, and the community in general benefits from a prospering local economy.”
Assuming control of an existing business presents a number of advantages, including brand recognition, existing cash flow, trained and experienced staff, and mentorship. A recent Canadian study showed that 49 per cent of all new businesses fail. New businesses have to raise capital, create brand recognition, and develop new relationships with suppliers, customers, and employees. None of this is easy, even for a seasoned entrepreneur.
“For our students and alumni who want to be entrepreneurs, this gives them a head start that few had the opportunity to have before this program,” says Cambrian College President, Bill Best. “In Sudbury, we’re already known as a resourceful group with so many diverse and dynamic small businesses already succeeding. We’re hoping this program expands that growing network.”
SuccessionMatching’s Be Your Own Boss program also links budding entrepreneurs with lenders and professional mentors.
“We’re very interested in supporting this program, by doing what we can to make successful business transitions happen,” says Rainer Paul, Executive Director of Nickel Basin Federal Development Corporation, a not-for-profit organization in Greater Sudbury, which provides financial support to small and medium-sized business. “We’ve been helping local firms with start-up and succession planning since 2000, and in our experience, successful business transition is critical to maintaining a vital local economy. All our decisions are made locally, and we’re here to help local entrepreneurs.”
For more information about the program visit https://successionmatching.com/
705-566-8101, extension 6302