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You are here: Home > Business > Business projects > Transfer, buy or sell a business > Process for buyers and future farmers > Step 3 - Are you ready?
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Step 3 - Are you ready?
Once you know what type of buyer you are and why you want to become an entrepreneur, it is important, at this stage of the process, to evaluate how prepared you are to buy a business. Your level of preparedness is influenced by your buyer profile.
We suggest that you begin by assessing your thoughts and determining your readiness to complete a business transfer project with the My assets assessment tool:
- My assets assessment – Business successors (PDF, 44 KB)
- My assets assessment - Farm successors (PDF, 48 KB)
Goals and actions
The 4 factors that determine your level of preparedness are knowledge, competencies, the division of roles, responsibilities and authority and the financing package of the project.
The 4 factors that determine your level of preparedness
1. Knowledge
It is important to know the intentions, expectations, needs and vision of the business transferor regarding the transfer of property and compare this vision with yours.
The Acquisition of key knowledge tool facilitates dialogue, thinking and open discussion with the stakeholders involved in the transfer process.
- Acquisition of key knowledge - Business successors (PDF, 44 KB)
- Acquisition of key knowledge - Farm successors (PDF, 48 KB)
The Strategic business development plan tool helps you ensure business continuity and growth. It is an essential work tool for business transferors, buyers, advisors and lenders.
2. Competencies
Future business owners must also know how to evaluate their technical, management, leadership, business management and governance competencies.
The Key successor skills and abilities tool helps you identify the qualifications, skills and training needs required of a successor.
- Key successor skills and abilities - Business successors (PDF, 51 KB)
- Key successor skills and abilities - Farm successors (PDF, 53 KB)
3. Division of roles, responsibilities and authority
This step allows you to make a list of powers to transfer and strategic knowledge to acquire.
The
4. Financing package
Clarifying the personal financial issues related to the sale, risk sharing and the financial situation of the business are key elements to complete this step.
To learn more, see the following sections of the guide:
- Prepare the financing set-up - Business successors (PDF, 35 KB)
- Prepare the financing set-up - Farm successors (PDF, 36 KB)
To conclude, the Votre carte d'identité (Your Summary Report) tool allows you to summarize the key aspects to take into account for your project.
- Votre carte d'identité - Repreneur (in French only, PDF, 48 KB)
- Votre carte d'identité - Relève agricole (in French only, PDF, 48 KB)
The next step
See Useful links.