Business Transition Match Program - Progress Update

Please find following the latest report on the Business Transition Matching Program.  
 
Background Information
The Business Transition Matching Program was entered into during development and actioning of the Investment Attraction Strategy work RTO7 was involved in with the Orillia CDC, City of Orillia, Severn Township, Rama First Nations, Oro-Medonte, Township of Rama, and the County of Simcoe.  This is an outcome of the work that we began in 2015/16.  

This program is now in the hands of the Orillia CDC and the Economic Development offices of each of the municipalities and county.  RTO7 is proud to have been part of this team and that we were able to assist in the development of this Investment Attraction Strategy 
 
RTO7 CEO, Bill Sullivan, is pleased to provide this progress report on the Business Transition Matching as of October 31, 2019.
  • To date, 37 buyers and 48 sellers have been issued coupon codes and created profiles on the SuccessionMatching.com website.
  • 131 meetings have been held with sellers and 137 meetings have been held with buyers to date.
  • 15 businesses have successfully transitioned as a result of the program. In addition, 1 business sold off inventory and currently have their building for lease. While this was not the original intention, this owner did say that he was happy with the outcome and with working with us on the transition into retirement.
  • Our local businesses continue to be showcased to international buyers by both the SXNM team and a local immigration specialist.
  • In September, one international investor from Vietnam visited Orillia for several days during which a meeting was arranged between the City of Orillia Economic Development Department, the Orillia Chamber of Commerce, a local business seller and CDC staff. A real estate and school tour were also arranged through the BTM program. As a result, a purchase agreement has been signed and an application made to the Province of Ontario to immigrate.
  • Another local business owner also met with an international buyer from Sri Lanka, in October.  This connection was made through a new strategic partnership with a local immigration specialist.  While the connection was made, they were unfortunately unable to come to an agreement.
  • The creation and distribution of custom sales sheets/profiles have proven to be a very effective method of generating interest in our businesses.
  • In addition to those who have already transitioned, there are currently 12 participants in active conversations regarding either buying or selling local businesses.
  • In person meetings to register buyers and sellers continues to be a best practice.
  • A print advertising campaign this past October showcased 2 successful transitions and an online and radio campaign during the same period is creating renewed interest in the program this fall.
  • Additional resource materials are being developed for buyers and sellers.
  • The CDC is working with regional partners (Nottawasaga, Collingwood and North Simcoe Community Futures organizations) to prepare a Trillium Foundation Grow Grant application, in an effort to roll out the program across the County of Simcoe. Initial meetings have been held with Trillium to determine the appropriate funding stream.
  • A consultant is working with us to provide an evaluation and data analysis framework to direct the strategic growth of the project.

If you have questions or require more information, please contact us at info@rto7.ca.

Views, thoughts and opinions expressed in the blog comments section belong solely to the comments' authors and are not necessarily those of Regional Tourism Organization 7 (RTO7), its Board of Directors or its staff.

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