December 17, 2013
Ensuring Future Success of NS-Grown Business
Pilot Program Addresses Retirement Challenges of Rural Business Owners and Out-Migration of Youth
The Nova Scotia Youth Succession Program was launched on December 17, 2013. The two-year program is a collaboration of four Nova Scotia-based non-profit organizations who are tackling two common rural challenges – the closure of local businesses due to owner retirement and young people leaving their community to find work in other provinces.
Through the program, retiring business owners are connected and matched with prospective young entrepreneurs. Once connected they are offered coaching, mentorship and in some cases financial support to assist with the transition of the business. Antigonish, Pictou and Colchester Counties have been selected to pilot the program with 10 businesses over a two-year period with hopes of creating an incentive for youth to live and find success in rural Nova Scotia. The project aims to attract diverse representation from all equity groups including African Nova Scotians, newcomers and persons with disabilities.
According to the Canadian Federation of Independent Business in Nova Scotia, 60% of business owners are depending on the sale of their business as a major part of their retirement fund. Only 26% have a succession plan to transfer or sell their business. With no succession plan in place, many businesses are forced to close their doors. This innovative new program means their legacy can continue and create an exciting new opportunity for an aspiring entrepreneur.
This program has been months in the works and is the product of a unique collaboration with non-profit organizations dedicated to supporting entrepreneurs of all ages and stages. Each organization will play to their strengths and bring their experience and knowledge to ensure the program is successful. The pilot partners include: Black Business Initiative (BBI), Community Business Development Corporation (CBDC) NOBL, Centre for Entrepreneurship Education and Development (CEED) and Entrepreneurs with Disabilities Network (EDN).
The pilot program is made possible with funding from a number of government organizations including the Atlantic Canada Opportunities Agency (ACOA) and the Province of Nova Scotia, as well as in-kind support. By giving youth the opportunity to purchase and operate a pre-established business, the Nova Scotia Youth Succession Program will help communities keep businesses alive and create new job opportunities.
Participants and individuals interested in applying for the program should contact Melissa MacMaster at (902)318-3308 or nsbizsuccession@ceed.ca for more information.
Spokespersons available for more information:
Mike Wyse, BBI | (902) 426-8683 | mike.wyse@bbi.ns.ca
Ron O’Brien, CBDC NOBL | (902) 382-6625 | Ron.OBrien@cbdc.ca
Brian Aird, EDN | (902) 426-0561 | brianaird@ednns.ca
Heather Spidell, CEED | (902) 407-7395 | hspidell@ceed.ca
