BizLink will connect retiring business owners with buyers

Cathy Dobson/The Independent

A new program geared to small business is weeks away from launching. It has the potential to save or create hundreds of local jobs and services.

BizLink will be available in the New Year at Community Futures Lambton and will be a “confidential and anonymous matchmaking service” between businesses that want to sell and those who want to buy one.

Community Futures CEO Sarah Reaume spoke to Lambton County Council and municipal councils in Lambton, including Sarnia this month, explaining how BizLink will help many small business people who want to retire or sell but have no plan.

There are 3,410 small businesses operating in Sarnia-Lambton with under 100 employees, said Reaume. 

Statistically, about 2,600 of those are expected to “exit” their businesses within 10 years.  Only a small fraction have a succession plan.

“These numbers are astonishing to us,” Reaume said. Thousands of businesses closing without being sold would create empty storefronts and the loss of hundreds of jobs, she says.

Not only will BizLink provide a website to list businesses for sale across Southwestern Ontario, it will offer support and services to assist entrepreneurs with the transition.

It’s expected the results will mean the sale of businesses, possibly rebranding and the retention of jobs.
Reaume asked local politicians to support the rollout for BizLink and make an effort to talk about the large number of business owners who are over the age of 50 and hope to retire from their businesses in the next decade. It’s a significant concern, she said.

Sarnia City/County Councillor Brian White pointed out that young people often don’t view themselves as entrepreneurs but should be encouraged to consider business ownership.

Community Futures is hiring staff for BizLink and will include the younger demographic in its matchmaking, Reaume said.  “We know the chance of success in new businesses is elevated if one takes on an existing business,” she said.

Sarnia City/County Councillor Bill Dennis thinks BizLink could be a good opportunity for new Canadians.
“What’s encouraging to me is that there are a lot of new Canadians locating in Sarnia,” Dennis said.  “They are coming here to find their Canadian dream and do the best they can.”

Reaume agreed, saying her office is frequently approached by new Canadians about businesses for sale.

“It underscores the need for BizLink,” she said.

Community Futures is a federal program with 265 agencies across Canada. 

The BizLink program originated in Simcoe County in 2020 and has already assisted with more than 75 successful business transitions. That success equates to $74 million retained in the Simcoe County economy and the preservation or creation of 334 jobs.

To contact Community Futures Lambton about BizLinks, visit cflambton.com or call 519-383-1371.