Preparing to Transfer Working Knowledge

Overview

Welcome to Preparing to Transfer Working Knowledge, the third of three modules created to help you become an entrepreneur. Previously, you explored the following:

1. Reviewing your decision to become an entrepreneur,
2. Identifying the growth potential of the business,
3. Looking for potential customers and employees,
4. Exploring existing contract and fiscal responsibilities,
5. Understanding the need for a shareholder agreement with partners in your business,
6. Recognizing the importance of a realistic business plan,
7. Learning about the BC Labour Standards,
8. Planning for recruitment and retention of employees, and
9. Developing strategic competencies to distinguish your business.

Learning Outcomes

By the end of Preparing to Transfer Working Knowledge, you will be able to:

1. Communicate with the owner or broker.
2. Develop a time line for the transfer of ownership.
3. Assess the existing employees’ skills and potential.
4. Build a strategy to overcome challenges.
5. Recognize limits that may exist in your business.
6. Strengthen critical thinking skills regarding business.
7. Develop succession plans with employees.
8. Determine a suitable exit strategy for the distant future.

Assumptions Regarding the Buyer’s Situation

At this point in the buying process, we assume:

1. The buyer has identified the business to consider purchasing,
2. The buyer and the seller, or broker, have met,
3. The seller or broker has determined that the buyer is financially qualified,
4. The Non-Disclosure Agreement has been signed,
5. The buyer has viewed the business and has expressed an interest in buying it,
6. The buyer has reviewed the business documents and is still interested, and
7. The buyer and the seller are comfortable with each other.