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Success

Tips for buying another business

tips for buying another business

Business owners have many different reasons for wanting to buy another business.  Some owners want to grow by acquisition.  Other business owners want to diversify.  Regardless of the reason, all business owners have the same overall goal which is to increase revenue and strengthen the financial health of their business holdings.  Buying an additional business…

How to thrive when others fail

How to thrive when others fail

A recent article in the Calgary Herald outlined some of the frustrations and challenges affecting business owners in the city’s various destination districts.  According to the article, destination districts in Calgary have increasing vacancy rates.  The article surmises that business closures are the result of a variety of factors including a weak Canadian dollar, the…

3 mistakes that prevent businesses from selling

3 mistakes that prevent businesses from selling

Even the best businesses can struggle when it comes time to sell.  There are three common mistakes many business owners make that can prevent their business from selling.  Understanding and avoiding these mistakes will help make your business for sale transaction much more successful. Underestimating how long it takes to sell a business Many business…

How to build a high performing business

How to build a high performing business

There are a few key indicators that separate good businesses from great businesses.  A great business will exceed in one or more high-performance indicators and this helps them to grow more quickly, successfully, and sustainably when compared to others in their industry.  Building a high performing business can help it to be more profitable and…

5 reasons a motel can be a great business venture

5 reasons a motel can be a great business venture

Purchasing a motel can be an excellent business venture for individuals or a group of investors.  The accommodation industry in Canada, including the western provinces, provides owners with a flexible business that can be grown, diversified, and adjusted relatively easily in response to changing market conditions.  Below are five reasons that motels are a viable…

A business owner’s guide to franchises

A business owner's guide to franchises

For many Canadian business owners, a franchise opportunity can be a viable way to build a business empire.  Franchises offer owners the opportunity to step into a business that has a proven business concept and a framework in place.  With branding, policies, and procedures already established, a franchise allows owners more time to work on…

Plan to grow your business

Plan to grow your business

Successful business owners know that a good business plan provides a foundation upon which they can build.  There is an additional document small business owners should draft that can help them grow even more.  A business growth plan is often overlooked and undervalued but this document can help catapult a business to the next level. …

Family-owned businesses need a succession plan

Family-owned businesses need a succession plan

Many family-owned businesses assume they already have a succession plan in place since ownership is typically passed along to relatives. That assumption simply isn’t good enough. In fact, a well-considered and documented succession plan is critical for family-owned businesses. A succession plan helps the eventual transfer of ownership to go smoothly and offers additional benefits…

How to buy a commercial property for your business

How to buy a commercial property for your business

For some business owners, buying a commercial property is a sound financial decision.  Owning the space where the business operates provides flexibility in terms of ensuring the space meets the current and future needs of the business.  It can help business owners build equity and removes the risk of rent increases or unexpected lease terminations. …