Business succession is the topic at KRIC’s networking event

Teaching people who want to build a lifestyle business that generates income, or equity that can ultimately be turned into cash

The Kootenay Rockies Innovation Council (KRIC), is organizing an event, featuring keynote speaker Dr. Terri MacDonald, a community and economic development expert, about business succession planning.

The showcase is aimed to teach people who want to build a lifestyle business that generates income, or equity that can ultimately be turned into cash, to have an end-plan. “We do programming and events targeted at entrepreneurs, business leaders, community leaders and youth. So we would support things like the East Kootenay Regional Science Fair,” said Larry Sparks, executive director.

“Science, technology and innovation is extremely important, and it is imperative that we get going on it,” he said.

The event, taking place at the Kicking Horse River Lodge on Nov. 4, is designed to educate people about business succession, or what options there are out there for people who no longer want to run their business.

KRIC, Invest Kootenay, Community Futures East Kootenay, the Basin Business Advisors, and the Chamber of Commerce will be there, but Sparks encourages anyone with an interest is more than welcome.

“Anyone in the business community that’s interested, and certainly anyone that’s thinking about getting out of business in the foreseeable future should definitely come,” he said.

“Our keynote speaker, Dr. Terrie MacDonald, is doing a short piece on business succession planning, basically to introduce the topic, what it is, why you should be thinking about it, and what some of the perils and pitfalls of not doing it might look like, in hopes that Community Futures East Kootenay will do a business succession planning workshop early in the new year, as sort of a follow up to this.”

The event is from 5 to 8 p.m., with appetizers, cocktails and networking, and the keynote address at 6:30 p.m. Admission is free, but please rsvp to admin@kric.ca.

For more information about KRIC or the event, go to www.kric.ca.