Frequently asked questions.

General Program Overview

  • The RFN Communities program is a comprehensive initiative designed to enhance business owners' knowledge and skills related to transition planning and value acceleration through an online education platform and resource center we call the Owner Readiness Hub. The resources and content contained within the Owner Readiness Hub cover a variety of topics crucial for business growth and “transition events.”

    "Transition events" refer to significant changes in the ownership or leadership of a business. These events can include the sale of the business, passing the business on to a family member or employee(s) or transitioning to a different leadership structure. They are critical moments that require careful planning and strategy to ensure the continuity, sustainability and legacy of the business. Effective management of transition events is essential for a smooth transfer of control and minimal disruption to the business's operations and the community in which the business operates.

  • The RFN Communities program stands out for its specialized focus on empowering business owners with the tools and knowledge to support successful transition planning and value acceleration. It stands alone in its ability to provide business owners with real-time tools and scorecards specifically designed to estimate a business's range of value and levels of risk. Leveraging its online education platform, the Owner Readiness Hub offers business owners a unique assessment framework for evaluating both owner readiness and business attractiveness. These tools are not just theoretical; they are practical, actionable resources to guide owners through the process of building enterprise value and preparing for business transition. Whether it is identifying potential areas for increasing transferable value, planning for succession or navigating the intricacies of a business sale, the RFN Communities program offers an unmatched, integrated solution. This integrated approach to support your community’s business owners ensures they are not only prepared for the future but are also actively driving their business towards enhanced value and attractiveness for successful transitions.

  • A “community" can encompass a wide range of groups and entities, all of which play a vital role in business growth and the economic vitality of a region. Here are some examples of who might be considered a good fit for this program:

    • Geographic Communities: These include cities, towns, counties, states or provinces. Any entity responsible for the economic and community development of a specific area falls under this category.

    • Chambers of Commerce: These are organizations representing the interests of businesses in a particular area.

    • Other Business Communities: This could include a group of business owners, entrepreneurs and other professionals who collaborate to support each other and the local economy.

    • Industry Associations: These groups bring together businesses operating within the same industry and work to provide benefits to all members.  

    • For-Profit Organizations: This includes various businesses and financial institutions with a stake in the economic success of the community. This may involve community banks and other service providers.

    • Non-Profit Organizations: Non-profit organizations play a crucial role in community development. They focus on social services, education, healthcare or cultural enrichment—all of which contribute to the overall health of a community.

    • Government Entities: Local, city and state/provincial government bodies are central to community development and can provide programs that support business growth.

    • Educational Institutions: Schools, colleges and universities are hubs of learning and innovation. They train the future workforce, conduct research and often collaborate with businesses to drive economic development.

    A Community organization or entity that is invested in the prosperity, growth and well-being of a business community would be considered a good fit for this program. Reach out directly to communities@readyfornext.com and we can discuss opportunities in your community.

  • The RFN Communities program offers business owners in the program access to a leading-edge online platform that provides on-demand education content, scorecards and business benchmarking assessment tools and integrated value acceleration workshops (where workshops are included in the program scope).

    Business owners will gain knowledge and resources designed to help plan for the transfer of a business, build value and become transition ready. The program provides insights and strategies that owners often do not plan for. Statistics show when businesses go to market only 20-30% will have a plan for the transition and the failure rate is high. Owners who use the Owner Readiness Hub will gain the knowledge to proactively address potential challenges, minimize risks, think about both personal and business planning with a holistic approach and maximize the value of their business.

    The in-person workshops feature sessions and access to a dynamic group of professionals including a combination of value acceleration professionals, certified exit planning advisors, economic development leaders, plus experts in tax, estate, wealth, insurance, mergers and acquisitions, employee ownership and more.

Microlearnings

  • The microlearnings cover a broad range of topics designed to improve your business including value acceleration, leadership development and transition planning. The microlearning topics are expanded as needed with new additions being made routinely. Specific modules include 'Top Three Value Drivers', 'Leadership Brand', 'Setting Goals', 'Understanding Value vs. Price' plus many more. Some of the topics include:

    • Why Profit Matters

    • A New Way of Setting Goals

    • Top Three Value Drivers

    • Performance Management

    • Assembling a Team of Advisors • Contingency Planning

    • Letting Go of Business Ownership

    • Become the Employer of Choice

    • How Owner Dependent is Your Business?

    • Holistic Transition Planning

    • The Importance of a Team Approach in Business Transition Planning

    • How Diversity and Inclusion Drives Innovation

    • Intergenerational Planning: Spanning the Curve

    • The Power of Understanding Diversity, Inclusion and Belonging

    • How to Improve Profit Margin

    • Three Myths about Diversity and Inclusion

    • Your Brand as an Asset

    • Difference Between Value and Price

    • Leadership Brand

    • Five Conflict Engagement Styles

    • Top 3 Reasons to Consider Employee Ownership

    In addition to microlearnings, the Owner Readiness Hub also includes unlimited access to a vast collection of scorecards and other tools for business owners to use. Each of these tools is designed to benchmark a targeted part of a business and based on the specific inputs, a custom report is returned with actionable items to address. Topics cover all key value killer and driver of businesses and a number of areas about the business owner(s). Tools are always being added, highlights of these tools include:

    • Spotlight Assessment

    • Culture of Value Creation Scorecard

    • Transition Readiness Scorecard

    • Leadership Acceleration Scorecard

    • Owner Dependence Scorecard

    • Weathering VUCA

    • See Your Business Through the Eyes of an Investor

    • Curvespanning: Spanning the Generations in Family Business

    • Assembling a Team of Advisors

    • Value Drivers and Killers Exercise

    Life After Business Exercise

    • Contingency Planning Exercise

    • Performance Management Exercise

    • Diversity and Inclusion Exercise

  • Each module is designed to be brief, focused and engaging, featuring a combination of videos, resources, bite-sized activities and tools to put into action. They are delivered through an online platform for easy access and quick consumption.

  • Modules can be accessed through a custom landing page linked from the community’s Owner Readiness Hub website, which is organized and categorized for easy navigation.

Workshops and Tailored Learning Opportunities

  • Yes, the RFN Communities program offers elective Owner Readiness workshops. These are developed as a direct extension of the online platform and are tailored to the specific needs and interests of business owner participants. Workshop costs and activities are priced separately. Contact us directly at communities@readyfornext.com to learn more about the workshops available.

  • Workshop content can be customized based on the specific needs and interests of business owner participants or from data gathered from value assessments and owner engagement in the Owner Readiness Hub. This helps ensure content is highly relevant to a community’s participants’ planning needs.

Program participation and outcomes

  • Community partners who subscribe to the Owner Readiness Hub or any RFN Communities program can expect positive community and economic outcomes. Deploying a RFN Communities initiative addresses a critical economic development gap - most business owners do not have a transition plan and are unlikely to sell their businesses as a result. This lack of planning poses a threat to local economies, as the closure of these businesses can lead to job losses and economic downturns. The unique design of the RFN Communities program equips these business owners with necessary exit planning and value acceleration tools, fostering business continuity. This proactive approach not only safeguards businesses and business owners but also promotes sustainable economic growth and prosperity within your community. By preparing business owners for successful transitions, the community as a whole becomes more resilient and future-proof while investing in business stability, retention and longevity.

  • There are many benefits a community can see from participating in an RFN Communities program, including:

    • Job base stabilization

    • Community wealth preservation

    • Community legacy building

    • Community-based problem solving

    • Rapid improvement plans for participating businesses

    • A researched ‘starting point’ for your community’s current business disruption risk

    • Help boomer-owned businesses in your community prepare for transition

    • Business retention and expansion strategies to support a community’s growth

    Create buzz and recognition for your community as a progressive leader in supporting baby boomer business owners. To determine how your community can benefit from a program, reach out directly to communities@readyfornext.com.

  • Success is measured through the completion of microlearning modules and assessments, engagement in the online platform, attendance at workshops if applicable, and the application in their businesses of actionable strategies learned in the program.

  • After completing workshops, participants can implement their action plans with the help of their advisors, connect with Certified Exit Planning Advisor (CEPA), access local resources, or sign up for a 'Value Opportunity Assessment” for further insights into their next steps in planning.

reporting and Data

  • Client data on the Owner Readiness Hub is collected continuously and securely throughout the subscription to the Owner Readiness Hub. However, this data is summarized, aggregated, and formally reported annually as part of the base package included with your community’s subscription.

  • The basic package includes data on businesses at risk due to owner retirement, businesses completing value assessments, aggregated business owner demographics, number of transition readiness scorecards completed and more. The following metrics collectively provide a comprehensive overview of the program’s impact on preparing businesses and owners for transition and succession. The data offers valuable insights into the readiness of businesses and owners for such transitions, the demographics of business owners and the effectiveness of the program in engaging and educating businesses. This data is crucial for refining and improving strategies to better support business continuity and growth.

  • Number of Businesses Identified as At-Risk Due to Upcoming Owner Retirement:

    • Total count of businesses with owners approaching retirement age.

    • Breakdown by industry sector.

    • Geographic distribution of these businesses.

    Number of Businesses that Complete a Value Assessment:

    • Total count of businesses completing the assessment.

    • Comparative before-and-after valuation metrics (if available)

    • Industry and size categorization of businesses assessed.

    Aggregated Business Owner Demographics:

    • Average age of business owners.

    • Average anticipated time to exit the business.

    • Average number of years in business.

    • Average enterprise wealth of businesses.

    • Average number of employees per business.

    • Average age of businesses (years since establishment).

    Number of Transition Readiness Scorecards Completed:

    • Total number of completed scorecards.

    • Average readiness score/rating.

    • Breakdown of scorecard results by key areas (financial readiness, operational readiness, etc.).

    • Analysis of shared areas of strength and weakness identified through scorecards.

    Number of Businesses Completing Transition Readiness Microlearning Modules, by Type:

    • Count per type of microlearning module completed.

    • Engagement metrics (e.g., average time spent on modules, repeat usage).

    • Performance metrics (e.g., quiz scores, interactive element completion rates).

  • Yes, for an additional fee, RFN can provide more detailed data collection and analysis, offering more tailored and comprehensive insights. Please note, all data is provided anonymously without disclosing specific information tied to an exact business or owner.

Additional support and resources

  • Yes, we offer professional resources and advisory support for business owners who request aid in their ongoing entrepreneurial development journey.

  • Additional information and resources are available on the program's website, where you can find detailed descriptions of the program offerings and contact information for further inquiries.

business owner education

  • As business owners increasingly focus on retirement and their “next act,” it's essential they understand how to effectively accelerate the value of their businesses and plan for transition. This education is crucial for ensuring smooth transitions and sustaining the economic health of the community.

program process

  • The initial steps include assessing community strengths and challenges, engaging stakeholders and developing a tailored program strategy to address specific education and other resource requirements.

  • The program is launched through a combination of announcements, private invitations, social media, events and collaborations with related stakeholders and strategic partners to raise awareness and encourage participation.

  • Post-launch, we collectively focus on enrolling business owners in the Owner Readiness Hub, encouraging engagement in the microlearning library and communicating regularly to guide participants through the program.

  • The program aligns with continuity needs by offering targeted education and resources to help businesses plan for succession, thereby supporting business stability in your community.

  • Engagement strategies include hosting online seminars, community outreach events, providing accessible online resources and optional informational workshops.

  • The program is continuously refined based on feedback, participant engagement data, and evolving market trends to ensure it remains relevant and effective.

owner readiness hub

  • The Owner Readiness Hub is uniquely focused on assisting business owners with planning for their eventual transition and accelerating business value, offering specialized resources for this critical phase, all of which have been developed by professionals with relevant expertise and experience.

  • A range of onboarding resources, including tutorials, user guides and customer support, are available to help users familiarize themselves with the platform. For more detailed queries or personalized assistance, please reach out to our customer support team at communities@readyfornext.com, who can provide tailored solutions for your unique needs.

Security and Disclosures

  • By completing a Spotlight Assessment or Transition Readiness Scorecard offered on the Owner Readiness Hub, an owner registers and consents to participate in the program. As a participant in the program an owner will receive regular communications informing them of new content and resources. For secondary purposes like marketing, we'll ask directly for the owner’s consent or provide an opportunity to decline or unsubscribe from the program.

  • RFN Communities is committed to the security and confidentiality of all information collected. Our privacy policy applies to all websites and services under the program, ensuring careful and sensible handling of an owner’s information.

    RFN Communities Privacy Policy

    RFN Communities (“Ready for Next Communities”) knows you care about how information about you is used and shared and appreciates you trusting we will do so carefully and sensibly. Ready for Next Communities is committed to the security, availability, confidentiality and processing integrity of all information collected. This privacy policy is applicable to all its websites, including https://owner.readyfornextacademy.com and https://owner.readyfornextacademy.com/ (each a “Website” and collectively, “Websites”) assessment tools, e-learning content, and resource center. As a result, by visiting any of our sites you are accepting the practices described in this Privacy Policy:

    BY USING OR ACCESSING OUR WEBSITES (INCLUDING THIRD PARTY TRUSTED PARTNERS AS PART OF THE DELIVERY OF THE PROGRAM INCLUDING TOOLS, ASSESSMENTS, COMMUNITCATIONS) OR BY PROVIDING PERSONAL INFORMATION TO US ON OR THROUGH THESE WEBSITES, YOU CONSENT TO THE COLLECTION, USE, TRANSFER AND DISCLOSURE OF THAT INFORMATION IN ACCORDANCE WITH THIS PRIVACY POLICY AND APPLICABLE LAW.

    “Personal information” is any information that enables us to identify you, directly or indirectly, by reference to an identifier such as your name, your business name, identification number, location data, online identifier or one or more factors specific to you. Personal information includes “sensitive personal information” and “pseudonymized personal information” but excludes anonymous information or information that has had the identity of an individual permanently removed.

    THE SERVICES AND INFORMATION WITHIN THE READY FOR NEXT COMMUNITIES PROGRAM DO NOT PROVIDE AND ARE EXPRESSLY FORBIDDEN FROM BEING USED OR INTERPRETED AS LEGAL, TAX, OR INVESTMENT ADVICE AND ARE NOT IN ANY WAY TAX PREPARATION SERVICES. READY FOR NEXT COMMUNITIES AND ITS AFFILIATED COMPANIES, MEMBERS, AND ASSOCIATED THIRD PARTIES ARE NOT FINANCIAL ADVISORS, PLANNERS, BROKERS OR TAX ADVISORS. The Services are intended only to assist you in your accelerating the value of your business and decision-making and are broad in scope. Your personal financial situation is unique, and any information and advice obtained through Ready for Next Communities and its programs may not be appropriate for your situation. Accordingly, before making any final decisions or implementing any financial, tax, or legal strategy, you should consider obtaining additional information and advice from your accountant, attorney or other qualified financial advisers who are fully aware of your individual circumstances. For more information, please refer to our Terms of Service for additional disclaimers and frequently asked questions.

  • If the owner wishes to withdraw their consent at any time, they can contact us at communities@readyfornext.com or by mail at our USA or Canadian Head Offices (see below for mailing addresses).

  • We use this information to customize our services, fulfill offerings, and administer the website, which includes assessments, education, and workshops. The owner’s information helps us keep them informed about program steps, events, and new resources.

  • We don’t rent, sell or share personal information with non-affiliated entities without the owner’s express permission, except for satisfying any legal requirements imposed by a valid subpoena issued under relevant law as determined by a qualified legal advisor.

  • Third-party providers used by us will only access owner information to the extent necessary for performing their services. They adhere to our privacy standards and protect Owner personal information.

  • We follow industry best practices and take reasonable precautions to ensure owner information is not lost, misused, accessed, disclosed, altered, or destroyed inappropriately.

  • An owner will be notified of significant changes in our privacy practices through a prominent notice on our website.

  • We may disclose an Owner’s information if required by law or if an owner violates our Terms of Service.

  • For any inquiries, access requests, or concerns regarding an owner’s personal information, they can contact our Privacy Compliance Officer at communities@readyfornext.com or by mail at our USA or Canadian Head Offices.

    If an owner would like to: access, correct, amend or delete any personal information we have about them, register a complaint or simply wants more information, contact our Privacy Compliance Officer at communities@readyfornext.com or by mail at:

    USA Head Office: 9100 South Dadeland Blvd., Suite 1500 | Miami, FL 33156

    Canadian Head Office: Unit 1, 452 Dovercourt Drive | Winnipeg, MB R3Y 1G4

    For more detailed information, the owner should refer to our Terms of Service or reach out directly with any specific questions they may have.