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Province to help small businesses with succession

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The province will create a new resource centre to help entrepreneurs transfer their businesses to new owners as they retire.

Premier Greg Selinger made the announcement to a Winnipeg Chamber of Commerce luncheon attended by nearly 1,000 people.

It is estimated that 40 per cent of small- and medium-sized-business owners plan to retire in the next five years, Selinger said. This means Manitoba's business community will undergo a significant transition with the potential transfer of millions of dollars in business assets, the premier said.

To help retiring entrepreneurs meet the challenges of transferring their businesses to new owners and continue driving Manitoba's economy, the provincial government will create the Manitoba Business Succession Resource Centre, Selinger said.

Business succession planning is one way to ensure the extensive transfer of viable enterprises takes place effectively, promoting a healthy business community and a stronger economy, the premier said.

"The new resource centre will build on the recently introduced the Employee Share Ownership Plan tax credit, which helps existing employees transition from employee to business owner, empowering employees and strengthening businesses and the Manitoba economy," the premier said.

The Business Succession Resource Centre will be delivered through a new single-point of contact business services organization that was announced in the province's recent throne speech. The resource centre will showcase resources and business information specific to business succession including offering workshops, seminars and guides, business counselling services and access to industry professionals.

Enhancements will also be made to the Manitoba business website, highlighting the resources and programming specific to business succession, Selinger said.

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