PARKSVILLE - Dave Willie, owner of Black and White Party Rentals in Parksville has a plan to pass on his small business to a long time employee, but his situation is rare throughout rural B.C.

Small business succession is consistently identified as a key issue during Small Business Roundtable consultations. Without a succession plan, small business owners can lose return on their investment and leave the communities where they operate without the services and jobs they depend on. For island coastal communities, a new pilot project will help them keep established businesses and the jobs they create by assisting business owners in passing on their success to aspiring entrepreneurs.

"When we started looking at what to do with our business, our only two options were to sell or grow. Having a proper succession plan in place has allowed us to do both." said Willie. "Now, not only can we can provide the next generation of Parksville entrepreneur an even stronger business opportunity, but we get a return on our 20-year investment."

Exit Opportunities, a new small business succession pilot project, will link interested business purchasers to small business owners who are in the process of, or thinking about, exiting their business.

"In many rural communities, small businesses are the biggest employer, so it's vital that we keep them going," said Willie.

The one-year project is a partnership between the Province, Island Coastal Economic Trust and Island Coastal Community Futures, who will deliver the project while serving central and northern Vancouver Island, Powell River, the Sunshine Coast and Howe Sound.

The project will include training and services related to purchasing an existing business and would link Self Employment Program (SEP) participants to small business owners who wish to sell their business. Other potential purchasers will be offered similar training, and small business owners will be offered support and training to ensure their businesses are transition-ready.

Additional Information:

• The Ministry of Jobs, Tourism and Innovation is providing $42,166 through the Building Skills for Small Business Fund, held in trust by the B.C. Chamber of Commerce and overseen by the Small Business Roundtable and $45,807 through the Labour Market Partnerships Program, a program funded under Canada-BC Labour Market Development Agreement.
• The Ministry of Social Development is supporting the project through the Self Employment Program funded under the Canada - BC Labour Market Development Agreement.
• The Island Coastal Economic Trust is providing $43,627 for the project in support of its mandate to make strategic investments in economic development priorities, including small business.
• Island Coastal Community Futures are contributing $222,000 of the overall budget.
• Total cost for the project is $353,600.

Quick Facts:

Small business is a key economic driver in British Columbia:

• Making up 98 per cent of all businesses in the province.
• Generating 57 per cent of all private sector jobs in the province.
• Employing over one million people.
• Contributing over 41 per cent of the total value of goods exported from B.C.

Learn more:

http://www.cfac.ca/content/welcome-community-futures

http://www.bwparty.com/

http://www.islandcoastaltrust.ca/

Contacts:

Sheldon Johnson
Public Affairs Officer
Ministry of Jobs, Tourism and Innovation
250 213-5811

Lori Camire
Executive Director
Community Futures Alberni-Clayoquot
1 877 724-1241

Line Robert
Project Manager
Island Coastal Economic Trust
250 926-6607

Dave Willie
Black and White Rentals
250 954-1401