As the City of Calgary entered 2018, experts said that the local economy was on the rebound but that there would still be tough times ahead. Small business owners were impacted by various factors such as higher property taxes, increased payroll costs, and escalated cost of goods. While the oil and gas industry continued to struggle throughout the year, the city received a great deal of positive attention from companies within Canada and internationally as it considered an Olympic bid and during its campaign to onboard an Amazon headquarters. Companies, both large and small, had the opportunity to see the advantages of doing business in Calgary. According to Calgary Economic Development, these advantages include access to a highly skilled workforce, low cost of doing business, and excellent quality of life!
Still, many businesses closed their doors this year. For some it was due to insufficient revenue, for others it was simply time to move on to other ventures or other locations. One of the most common questions I was asked this year is “are Calgary businesses selling”. And the answer is yes.
Throughout the year, many businesses across various industries sold successfully. There were some challenges affecting businesses for sale such as decreased sales volumes, conservative financing from lenders, and a high volume of businesses on the market. Despite this, businesses did sell when they were priced right.
Moving into 2019, the best thing a business owner thinking of selling can do is get prepared. Working with a qualified business broker is the best place to start. With the support and expertise of a broker, you can begin doing the things that will add value to your business and help it sell for a fair price. It is important to remember that the best time to start planning the sale of your business is 18 to 24 months in advance. This will allow time to identify areas for improvement and implement strategies that increase the financial health of the business. If you are ready to start planning for the successful sale of your business, visit us online at calgarybusinessbrokers.ca for helpful tips and to get in touch.