By Cheryl Jahn

Small business needs to plan

Mar 7, 2019 | 1:39 PM

PRINCE GEORGE – “The bakery was for sale in ’85 and my husband was interested.”

And Petra Haus has been in the bakery business ever since. For 35 years. But now it’s time to retire. The Pastry Chef bakery is for sale, as are several small businesses currently run by those who would like to retire. While many organizations began looking at succession planning for the future, it’s a bit different for small Ma-and-Pa operations.

“It’s one of those pieces that’s overlooked,” says Todd Corrigall, CEO of the Prince George Chamber of Commerce. “So traditionally, any new business starts with a business plan and that’s how you go out to the community and the bank and look for funding sources. One of the best things you can do is actually take a step back from your business plan and develop a succession plan.”

He says established business owners may looking at hiring with an eye to training that individual to eventually take over.