How much funding can be received?

Get up to $7,500 to cover a maximum of 75% of the eligible expenses to hire a professional valuator that will provide an estimate of your business value and enable you to set a sale price.

grant_single_labels|projects

This grant is specifically for small businesses operating in regions governed by CBDCs within Newfoundland and Labrador. These regions are part of a pilot business valuation program assisting with succession planning and business transfer.

Businesses situated in rural communities of Newfoundland and Labrador.

grant_single|admissibleProjectsExample

$4,800

Perform a valuation of an artisanal bakery to aid in ownership transfer

$5,250

Conduct a valuation of a local coffee shop to determine the business's market value

$4,875

Obtain a professional valuation for a small tech startup

$5,250

Evaluate the going concern value of a small family-owned bookstore

$4,500

Assess the value of a local organic grocery store to facilitate ownership transfer

$4,500

Determine the valuation of a dog grooming business to set a sale price

grant_single_labels|admissibility

Eligibility for this program requires meeting certain conditions set forth for small businesses in specific regions and good standing with certain authorities.

Small businesses must be operating in a CBDC governed region and actively preparing to transfer ownership of the business.
Businesses must be in good standing with the Canada Revenue Agency (CRA), the Atlantic Canada Opportunities Agency (ACOA), and the Government of Newfoundland and Labrador.

grant_eligibility_criteria|who_can_apply

Small businesses operating in a CBDC governed region, that are actively preparing to transfer ownership of the business.Businesses in good standing with CRA, ACOA, and Government of NL.

grant_eligibility_criteria|eligible_expenses

This grant supports businesses in rural communities by providing financial assistance for business valuations and promoting succession planning. The eligible projects focus on assessing the economic value of businesses and showcasing opportunities to potential markets.

Conducting business valuations with the assistance of professional valuators.
Showcasing business opportunities in provincial, national, and international markets.

grant_eligibility_criteria|zone

The grant for Business Valuation and Succession Planning covers expenses that are integral to performing a business valuation.

Costs associated with conducting business valuations by professional valuators.
Fees for qualified consultants to assist with the succession planning process.

grant_single_labels|criteria

There are evaluation and selection criteria for this grant:

Applicants must be small businesses operating in a CBDC governed region, actively preparing to transfer ownership of the business
Businesses must be in good standing with CRA, ACOA, and Government of NL
Program requirements include an application fee of 3% (up to $300), working with a qualified consultant, and agreeing to share the opportunity on businessatlantic.ca

grant_single_labels|register

Here are the steps to submit an application for this grant:

Step 1: Check Eligibility
- Ensure your business operates in a CBDC governed region in Newfoundland and Labrador.
- Verify your business is in good standing with CRA, ACOA, and Government of NL.
Step 2: Prepare Required Documentation
- Gather documents proving your business's eligibility.
- Engage a qualified consultant to assist with a business valuation.
Step 3: Application Fee
- Prepare to pay an application fee of 3%, up to a maximum of $300.
Step 4: Share Business Opportunity
- Agree to have your business opportunity listed on businessatlantic.ca.
Step 5: Contact CBDC
- Reach out to your local CBDC for specific application details and assistance.
- Inquire about the process for submitting your application.
Step 6: Complete and Submit Application
- Follow instructions provided by CBDC to complete your application.
- Submit your application to the appropriate CBDC office before the deadline, if applicable.
Step 7: Await Confirmation
- Once submitted, wait for confirmation from the CBDC regarding your application status.

grant_single_labels|otherInfo

Here are additional relevant details for this grant:

CBDC personnel offer support and guidance to help business owners navigate the program.
The program is part of a pilot initiative, indicating it may be subject to changes or updates based on its outcomes and assessments.

grant_single_labels|documents

CBDC Business Valuation and Succession Planning

Apply to this program

Empowering Business Transitions with Professional Valuations

This grant supports small businesses in Newfoundland and Labrador by subsidizing professional business valuations, facilitating smooth ownership transitions. Understanding and planning for business succession is crucial for sustainable community development.

Detailed Overview of the Business Valuation and Succession Planning Grant

The Business Valuation and Succession Planning program offered by the Community Business Development Corporations (CBDCs) in Newfoundland and Labrador provides essential financial assistance to small businesses preparing for ownership transitions. Succession planning is a critical component for the continuity and sustainability of businesses, particularly in rural communities where business closure can significantly affect the local economy and employment. This grant program is designed to reduce the financial burden on small businesses by contributing 75% of the eligible costs, up to a maximum of $7,500, for professional business valuations. These valuations are imperative as they provide an accurate understanding of what the business is worth, assisting current owners in setting a fair market price during a sale or transfer.

CBDCs recognize that rural small businesses are foundational to community vitality. Thus, by facilitating an accurate business valuation, this grant not only aids the current owners but also attracts potential buyers. A clear valuation mitigates risks for buyers and sellers alike, ensuring transparency and fairness in the transaction process. Additionally, the program helps in marketing these businesses, showcasing opportunities at provincial, national, and international levels. This aspect of the program widens the pool of interested buyers, which can be particularly beneficial in areas where local interest might be limited.

The intent to foster a seamless business transition also aligns with community development objectives. An uninterrupted business operation maintains the flow of goods and services, employment levels, and local economic stability. Business succession planning encouraged through this program supports the mitigation of the economic void that occurs when an enterprise ceases operation due to the lack of a buyer. Therefore, by sponsoring substantial portions of the financial requirements needed for business valuations, CBDCs actively promote economic resilience and growth.

The application process involves a small fee and requires businesses to work alongside a qualified consultant, ensuring that only credible and detailed valuations are conducted. This collaboration not only strengthens the business's financial standing but also ensures its position in the market is accurately represented. Furthermore, sharing these opportunities on platforms like businessatlantic.ca expands the reach and visibility, increasing the likelihood of securing interested buyers eager to invest in thriving small businesses.

The overarching goal of this program is to maintain and propagate successful business operations beyond the tenure of current owners. By doing so, it helps retain the entrepreneurial spirit within communities, facilitates continuity in commerce, and upholds regional economic health. Through strategic valuations and broad market exposure underlined by this grant, businesses can confidently navigate ownership transitions, thus safeguarding their legacies and contributions to local economies.