THUNDER BAY – BUSINESS NEWS – The Thunder Bay Community Economic Development Commission (CEDC) has officially launched Succession Pathways, a new initiative aimed at helping local business owners prepare for the future with strategic and confidential succession planning support.
With recent data showing that over 70% of Canadian small and medium-sized businesses have no succession plan in place, the CEDC is addressing a growing economic risk. In regional centres like Thunder Bay—where many businesses are family-owned or locally operated—the threat of closure or instability from unplanned transitions can significantly impact the broader economy.
“This program is about future-proofing our local business landscape,” says Jamie Taylor, CEO of the Thunder Bay CEDC. “Succession Pathways helps business owners make informed, proactive decisions to ensure continuity and protect jobs, services, and community investment.”
Strategic Transition Support for Every Stage of Planning
Succession Pathways connects business owners with seasoned advisors who offer free, personalized consultations on topics like business valuation, legal considerations, strategic planning, and ownership transfer strategies. The program is designed to be accessible, discreet, and actionable.
How It Works:
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Screening Meeting: Book a short consultation with the CEDC’s Senior Business Development Officer.
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Expert Matching: Get paired with a succession expert for a one-hour, no-cost advisory session.
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Customized Report: Receive a written report summarizing findings and next steps.
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Follow-up Support: Business owners can access up to two more free follow-up sessions with their advisor.
After three complimentary sessions, further meetings can be arranged independently.
Whether planning to sell, pass on the business to family, or recruit external leadership, the CEDC emphasizes a thoughtful approach that supports long-term stability, protects local employment, and strengthens Thunder Bay’s economic resilience.
Program Information and Sign-Up:
Business owners can learn more and begin the process by visiting: https://gotothunderbay.ca/how-we-help/succession-pathways/
