Don’t Have a Good Idea for a Business? That’s Okay, You Can Buy One!

Established clientele and brand recognition proves to be a major benefit for aspiring entrepreneurs

Alyson MacKay, Entrepreneurship Coordinator

When talking to students about starting their own business, the common response I receive is that they would love to start one, but they don’t feel that they have an idea that would work.  The solution may be simple: just buy an existing business.  You might be thinking that would be an impossible dream, or wondering where to even look to find a business for sale, but the answer is easier than you think.  With the movement of the aging population, banks and business development offices are making it easier to get your hands on the business and its information that you’ve always wanted.

According to the Business Development Bank of Canada’s September 2017 article, 60% of Canada’s small business owners are aged fifty or older. The article also states that 4 in 10 small business owners are planning to exit their businesses in the next 5 years.  This leaves the door wide open for aspiring entrepreneurs to get their hands on some great opportunities. There can be many advantages to buying an existing business, including gaining an established clientele and exiting brand recognition.

Within the City of Thunder Bay, there are many resources available to help with the buying and selling of businesses. Lakehead University recently hosted a briefing on campus involving a few organizations within the City who have partnered with a company called Succession Matching. The partnership is an initiative to assist students and alumni in successfully transitioning into business ownership. Succession Matching provides support through the stages of transition and helps to build a plan that suits your needs, making the purchase process more manageable for the buyer.

The resources of Succession Matching are available to the students and alumni of Lakehead University and are available to them by visiting one of Thunder Bay’s Business development organizations.  Involved with the launch is The Business Development Bank of Canada (BDC), Thunder Bay’s Community Economic Development Corporation (CEDC) and Community Future Development Corporations (CFDC).

For more information please visit successionmatching.com or reach out to Alyson MacKay, Entrepreneurship Coordinator on campus at amacaky@lakeheadu.ca

 

Because so many entrepreneurs are heading for retirement. Small business owners are generally older than the workforce. Indeed, nearly 60% of Canada’s small business owners are 50 years old or older. This demographic reality means that four in 10 small business owners are planning to exit their businesses in the next five years, according to a new BDC study.Because so many entrepreneurs are heading for retirement. Small business owners are generally older than the workforce. Indeed, nearly 60% of Canada’s small business owners are 50 years old or older. This demographic reality means that four in 10 small business owners are planning to exit their businesses in the next five years, according to a new BDC study.