Entering the realm of business brokerage has brought me face-to-face with a phrase that’s become almost a mantra: "What is a business broker?" As someone who's new to this field, I’ve come to realize that it's a role that's vital yet often misunderstood. Despite the common belief that owning a company guarantees an easy and profitable sale upon retirement, the reality is far more complex. We are currently witnessing a massive transfer of generational wealth, yet many business owners lack a seamless exit strategy. The days of working 60-80 hours a week, as the boomer generation did, have faded. Today, people expect quick results with minimal effort, leaving many business owners with retirement plans tangled in companies they struggle to sell or must offload at a significant discount.

Over these first few months, I’ve met numerous business owners who, without years of planning and a solid financial strategy, find themselves unable to realize the full value of their life's work. This is where I’ve seen firsthand how invaluable a reputable business broker can be, ensuring clients can maximize their company’s value and exit on their terms.

The Essential Role of a Business Broker:

Business brokers play a crucial role in the sale of a business. Here’s what I’ve observed we do:

  1. Valuation: We assess the business’s worth, considering financial performance, market trends, assets, and goodwill.
  2. Marketing: We create compelling marketing materials, including listings, brochures, and advertisements, to attract potential buyers.
  3. Networking: Using our extensive network, we connect buyers and sellers with the right opportunities.
  4. Screening Buyers: We qualify potential buyers by evaluating their financial capabilities, experience, and suitability.
  5. Negotiation: We facilitate negotiations to ensure mutually beneficial terms.
  6. Due Diligence: We assist both parties in conducting due diligence, ensuring transparency and risk mitigation.
  7. Documentation: We draft and review documents to formalize the sale.
  8. Coordination: We coordinate with attorneys, accountants, lenders, and other professionals to ensure a smooth process.
  9. Confidentiality: We maintain strict confidentiality to protect sensitive business information.

At Alberta Business Sales and Commercial Ventures, I’ve quickly come to appreciate our team of experts who ensure that from the first contact, sellers feel supported and confident that their best interests are being looked after. Many sellers are unsure whether they need a share sale or an asset sale, or how to determine which is best. Each option has tax implications that sellers might not have considered or discussed with their accountants, especially if they assumed their company would be passed down to their children.

In an ideal scenario, we engage in these discussions well in advance to set sellers up for success. However, we often encounter situations where owners need to sell quickly due to health concerns or burnout. Without a planned exit strategy, these sellers haven't maximized their business’s potential, a scenario I’ve seen all too often.

Industry Trends and Buyer Dynamics:

The business sales landscape is cyclical, with different industries peaking at various times. One month, there’s a surge in trucking companies; the next, it’s roofing or hospitality. Unique businesses with a distinct "secret sauce" tend to sell fastest. Interestingly, the buyer pool is increasingly diverse and global, with inquiries coming from far beyond Alberta, including international buyers. Despite this, selling a company in three months is rare; the typical sales cycle spans 9-18 months. Unrealistic expectations can set sellers up for disappointment.

A Collaborative Approach:

Having spent 23 years in finance, nothing has broadened my perspective like this venture into business brokerage. The diversity of industries and companies ensures no two days are the same. What I find incredibly reassuring is having a robust team like Alberta Business Sales behind me, allowing me to focus on each business, knowing that all other aspects are handled professionally. We align ourselves with banking partners, accounting experts, and specialized legal teams to manage every facet of a sale collaboratively. This comprehensive support is crucial for any business owner looking to maximize the value of their company.

In conclusion, having a business broker and a strong support team is essential for business owners aiming to achieve the best possible outcome from their company sale. At Alberta Business Sales, we strive to help you exit your business your way, ensuring a smooth, successful transition.

Jeff Couch Broker, Alberta Business Sales and Commercial Ventures

If you're interested in learning more about our services:

Laura Bechard

We are excited to announce the additions of Laura Bechard and Rick Moore to our team! Laura and Rick both join Commercial Ventures as advisors, bringing a wealth of knowledge and experience with them.

Laura is specialized in Family Succession, living through the experience herself she guides her clients with first-hand knowledge of the intricacies of family business.

Rick Moore

Rick comes to us from a background in Private Equity and his perspective of helping business owners understand their sale from the buyer’s position is integral in their preparation for an eventual sale.

As we continue to expand our programming Laura and Rick will be working with our business owners to guide them in the years prior to a third party sale or internal succession. We are excited to be launching new programming in 2020 that allows clients to choose the level of support they require, ranging from quarterly sessions or monthly peer groups, to in-depth comprehensive planning solutions.

We are also available for speaking engagements around the topics of;

For more information please contact a team member directly or e-mail inquiry@commercialventures.com to join the newsletter;

laura@commercialventures.com

rick@commercialventures.com

In speaking with business owners of all shapes and sizes, one thing we hear often is “I don’t plan to sell for (__) years,” as they change the subject and carry on. It’s all too common that we hear of business owners avoiding the topic of selling until they are on the threshold of the decision. In their eyes, “Why would I start discussions around selling my business if I’m not selling?

If you’re an entrepreneur who’s sold a business or transitioned ownership in some other way, you innately understand that if you were to do it over again, you would do it differently. You now know what buyers look for. You know what shows as a red flag and how to remedy it. You understand how your financials are looked at and the things you might have begun to change, should you have known what to do earlier.

Unfortunately many entrepreneurs seldom get the opportunity to sell a second business. From those who have come through the experience, and once the dust has settled, we commonly hear business owners reflect on their sale saying, “I wish I had started earlier, I wish I knew then what I know now.

The time it can take to properly prepare your business for the highest value and most successful transition can be years in the making. From ensuring your employee systems are in place, operations are running smoothly and can maintain themselves during your absence, to having the profitability and desired cash flow that is sought after in the market place. There are countless moving parts and more often than not, it can be external factors that prompt a sale, not an owners projected timeline. So when a sale is executed prior to proper preparation, the result can be disappointing and worst of all – financially devastating.

So when, you might ask, should you begin to start planning your exit? We recommend – now.  Even if you are in start-up mode, understanding the process to sell, can impact daily decisions as to how you grow. Not only that, the time when you choose to sell can be very unexpected. Personal illness, divorce, relocating, a new marriage, or birth of a grand-child, are all common reasons why businesses turn-over. The most common phrase we hear is, “I’m tired.

Now you might ask –  How do I begin?  Educate yourself.

Here are 3 Things you can do right away:

  1. Do an online search for; “How to Buy a Business” – Try to think like a buyer. How you look at your business and how a buyer might consider your business are often very different. You might want to make sure you’re on the same page.
  2. Talk to your Banker – This is a new strategy and may even catch your banker off-guard, so be prepared to explain why you want to meet with them. But they will be able to give you insight as to how a buyer might be approved for financing based on the last few years of your financial statements.
  3. Take a Vacation – Leaving your business for a period of time can be an interesting experiment. Although you may say you do take some vacation, the next time you take off, “consciously” take note of what areas of your business thrive or suffer due to your absense. Can your staff manage without you vs. you being needed to make every decision and customer interaction? If you’re not there, how easy will it be for someone else to step in upon your exit? A business that does not require its owner to run will have a more successful transition.

If you’re reading this as a business owner who would like to know more about preparing your business for a future sale, be it 1, 5 or 10 years from now, join us for our Septmeber workshop; EXIT by DESIGN.

If you’re reading this as a seasoned entrepreneur who’s sold in the past, what was one of your biggest take-aways from the process? Please share in the comments below!

The golden question; “When CAN I sell my business!?

The answer can depend on a number of factors, three of them being:

Join us on May 1, 2018 from 12:00-1:00 to learn whether your business itself is a hot commodity or you are just ready to move on, come share in discussion about when you could be ready to pass the torch and what makes your business “Prepared to Sell”. Understand what you may need to do in order to get ready for market or whether you are already there. On May 1st at ATB, Let’s talk Succession!

Welcome, welcome to the new Commercial Ventures Website! 2018 is a new beginning for us and we’re excited you’ve popped by for a visit. Our pillars are education and collaboration. Education for the business owner and Collaboration of all the parties involved. One doesn’t arrive at the decision to sell their business overnight. A well-prepared business will experience:

The result; a more efficient transition from one owner to the next! Success!

Join our newsletter to be notified of speaking events, workshops and all of our new listings.

Are you a buyer just beginning your search? We’ve got events for you too! Don’t be shy, introduce yourself and let us know what you are looking for in a business, your target investment return, and the lifestyle you seek. Not all of our listings are publicly promoted. We match some of our businesses for sale with buyers from our existing database so we need to know who you are and what you’re looking for!

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