CBDC Business Valuation and Succession Planning
Highlights
This program is designed for small businesses like yours that are preparing to transfer ownership. It offers a unique opportunity to get a professional valuation of your business, which is crucial for determining a fair sale price. We cover 75% of eligible costs, up to $7,500, making it an affordable way to get expert insights into your business's value.
What's in it for you?
- Professional Valuation: Understand the true economic value of your business.
- Market Exposure: Showcase your business to provincial, national, and potentially international buyers.
- Financial Support: Significant cost coverage for valuation services.
By participating, you ensure a smoother transition for your business, making it more attractive to potential buyers. The application process is straightforward, and our team is here to assist you every step of the way. This program not only helps you prepare for succession but also contributes to the economic development of your community.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment is required. This is a non-repayable grant.
Eligible Expenses:
- Business valuations conducted by professional valuators.
- Costs associated with preparing the business for sale.
- Succession planning activities.
Use of Funds:
- The grant can cover up to 75% of eligible costs, with a maximum contribution of $7,500.
Restrictions on Use of Funds:
- Funds cannot be used for general business expenses, operational costs, or any non-valuation related activities.
Fees:
- An application fee of 3%, up to a maximum of $300, is required.
Qualifications
- Must be a small business.
- Must be operating in a CBDC governed region in Newfoundland and Labrador.
- Must be actively preparing to transfer ownership of the business.
- Must be in good standing with the Canada Revenue Agency (CRA).
- Must be in good standing with the Atlantic Canada Opportunities Agency (ACOA).
- Must be in good standing with the Government of Newfoundland and Labrador.
- Must work with a qualified consultant.
- Must agree to share the business opportunity on businessatlantic.ca.
Must pay an application fee of 3%, up to a maximum of $300.
Disqualifications:
- Businesses not operating in a CBDC governed region.
- Businesses not preparing to transfer ownership.
- Businesses not in good standing with CRA, ACOA, or the Government of Newfoundland and Labrador.
Description
This program offers your business a valuable opportunity. You can receive up to $7,500 to cover 75% of eligible costs for a professional business valuation. This valuation helps you determine the economic value of your business, which is crucial if you are planning to sell or transfer ownership.
With this program, you can also showcase your business to potential buyers in provincial, national, and possibly international markets. This increases your chances of finding the right buyer and ensures a smoother transition.
To participate, you need to pay a small application fee of 3% of the valuation cost, up to $300. You will work with a qualified consultant and agree to share your business opportunity on businessatlantic.ca. This program is designed to help you successfully transfer your business and continue contributing to community development.
Program Steps
Gather Required Documentation: Prepare the necessary documents to support your application. These include:
- Financial statements
- Business plan
- Proof of good standing with CRA, ACOA, and the Government of NL
- Any other relevant business documentation
Find a Qualified Consultant: Work with a consultant who meets the program's qualifications. This consultant will assist in the business valuation process.
Complete the Application Form: Fill out the application form provided by the CBDC. Ensure all sections are completed accurately.
Pay the Application Fee: Submit the application fee, which is 3% of the eligible costs, up to a maximum of $300.
Submit Your Application: Send the completed application form and all required documents to the CBDC.
Engage with a Professional Valuator: Once your application is approved, the CBDC will engage a professional valuator to estimate the economic value of your business.
Showcase Your Business: Agree to share the business opportunity on businessatlantic.ca to attract potential buyers.
Follow Up: Stay in contact with CBDC personnel for any additional information or assistance needed during the process.