Construction, retail, and health care are key players in the Nanaimo, BC economy. These industries, combined with Professional, Scientific, and Technical Services, account for over 65% of business licenses in the city. As the fifth-largest urban centre in the province, Nanaimo is one of the best places to do business in British Columbia. Given the city’s diverse economic base, now is an opportune time to buy or sell a business in Nanaimo, BC. The most successful business transactions require a lot of careful planning and consideration. If you’re looking for additional guidance, partner with a knowledgeable business broker in Nanaimo, BC!
Questions to Ask When Selling a Business in Nanaimo, BC
Whether you’re planning to sell in the upcoming months or years, it’s a good idea to consider the specifics of your exit. The following questions can help you get started forming an exit strategy, which, in turn, will help you maximize the value of your earnings and exit with no regrets.
When will I exit my company?
Get started by preparing a preferred timeline of your exit. Consider when the ideal time to go to market in Nanaimo, BC is, and how long it will take to sell your business. A lot of factors play into the "when" of your exit. Sorting out these key details will help set realistic expectations on when your actual exit will take place.
Immediate sales require a more proactive approach on the sellers' end. Even from this early initial stage, working with a business broker makes a considerable difference. That's because Vancouver business brokers have an extensive internal pool of qualified candidates, local and worldwide.
What is my business worth?
The real value of a business is largely based on the current open market, as well as historical financial information, realistic growth potential, and dozens of other value drivers. To add to the complexity of this process, it's also quite common for an owner to either over-value their business, and or at times, under-value it by not recognizing the potential it holds in its market space. For these reasons, it's recommended to get an Interpretation of Market Value completed by a third-party. These services will complete a full analysis of current and projected market conditions and offer an unbiased valuation of your company. This will enable you to easily select a Most Probable Selling Price, which is imperative in today's market. Today's buyers are knowledgeable and will want to know how you've arrived at this figure.
How will I find qualified business buyers in Nanaimo, BC?
There is a wide range of business listing websites available, exposing your business to interested buyers locally and worldwide. Often, these databases are a great starting point for building interest in a Main Street business. On the other hand, prospective M&A transactions are usually initiated through an advisor to maintain confidentiality. How you approach prospective candidates largely depends on the buyer profile. Buyers interested in your business for strategic, financial, or synergistic reasons should be targeted explicitly to determine if there is an interest in growth by acquisition.
Considerations When Buying a Business in Nanaimo, BC
Buying a business in Nanaimo, BC is a monumental process, and knowing what to look for can make the journey more worthwhile. Consider the following items when searching for your dream opportunity.
What are my desired business search criteria?
It's every aspiring owners' goal to find a business that is a great fit. That requires you to consider the criteria, desires, and wishes that are most important to you in your ideal business. General criteria, such as financials, location, and industry play a huge part. But, also consider more defining details such as a business' growth potential and market space, as well as the type of sale you're looking for.
How soon am I looking to purchase a business?
How to approach your search process is dependent on how quickly you're looking to buy a business in Nanaimo. Buyer parties looking to move quickly and find the right business in minimal time should take a more proactive approach, in which they're explicitly contacting specific targets that meet the geographical, financial, and industry-related search criteria they're looking for. It's important to emphasize that you should only pursue opportunities that you have the financial capacity and expressed interest to acquire to avoid wasting any time. It also helps to have a business broker on your side who has significant outreach of contacts to tap into.
What does the market look like for my desired business in the Nanaimo area?
Consider industry and market trends specific to Nanaimo, Victoria, Vancouver, and other nearby cities. Professional Services such as construction, health care, and agriculture are trending upwards in Nanaimo, BC, making businesses within these industries a viable investment. It's recommended to look to sectors with growth potential and also consistent long-term success within their individual markets.
Why Work with a Business Broker or M&A Advisor in Nanaimo, BC?
From having an in-depth knowledge of the local market to receiving access to a more extensive search pool, there are a plethora of benefits to working with a Nanaimo business broker or M&A advisor. If you want to close quickly while minimizing stress, working with a BC business broker is a must in your upcoming transaction.
For additional guidance on buying or selling a business in Nanaimo, BC, contact Pacific M&A and Business Brokers Ltd! With years of experience helping parties achieve their goals, our team is confident we can help you buy or sell with ease. Schedule a consultation with us today!