Receiving an unsolicited offer to sell your business

Receiving an unsolicited offer to sell your business

Many successful business owners have had the experience of receiving an unsolicited phone call from someone offering to buy their business. On occasion, these unsolicited calls lead to a successful transaction, but more often than not the discussions go sideways for a wide variety of reasons. Here are some helpful guidelines for how to proceed when you’re on the receiving end of one of these phone calls. First and foremost, verify the identity of the caller. Separating the contenders from the...
Management Succession Planning

Management Succession Planning

When we speak of “business succession planning” for private companies, some people think only of tax and estate planning, while others may only consider a transition in the share ownership of a business. While those are each important elements of succession planning, on their own they do not cover everything that needs to be included in an effective succession plan. The tax plans or estate plans can quickly become meaningless if nobody is able to run the business. The same goes for the...
Building your business through social media marketing

Building your business through social media marketing

Social media is a marketing gold mine for small businesses. And understanding the nuances of each social network can help you optimize your efforts and get the most bang for your buck. The best place to start is finding out where your customers are. Each site attracts different demographics and offers distinct marketing opportunities. Take a look at the social media networks available to see which ones match up well with your specific business.   Social network use by Canadian adults...
What do I need to know about starting a franchise?

What do I need to know about starting a franchise?

If you don’t want to start a business from scratch or buy an existing business, franchising may a good choice for you. Franchises employ over 1 million Canadians and generate approximately $68 billion in revenue every year.1 Franchising can reduce some of the risks of starting your own business, but you may also feel restricted by a lack of flexibility in decision-making.   How does starting a franchise work? The franchisor (the company leasing the rights to the business name and system)...
How to import goods into Canada and grow your business

How to import goods into Canada and grow your business

It goes without saying that exporting your goods or services to another country or importing goods into Canada are great ways to grow your business. But with any great opportunity there are risks.   So before you start to do business across borders, there are a few things you should consider. Is your company ready to do business in other countries? Do you have the capacity to produce for other countries? Do you have the working capital you’ll need to buy imports? Do you have the...