As one of the top ski resorts globally, Whistler’s thriving economy is primarily centered around its tourism industry that draws in nearly 3 million visitors annually. Despite initial setbacks caused by the pandemic, visitors are starting to feel comfortable to travel again, especially to regions like Whistler with more social-distancing-friendly activities. Given the current economic standing, now could be an opportune time to buy or sell a business in Whistler, BC. First, it’s important to do your research to minimize frustration along the way. Partner with a Whistler business broker for additional guidance in the sales process!
Questions to Ask When Selling a Business in Whistler, BC
Preparation ahead of time can make the sales process much more straightforward. Ask yourself the following questions to sell your Whistler, BC business with ease!
How will I exit my company?
Start by preparing an exit strategy that takes into consideration the specific details of your exit. This will provide a roadmap to your end goal, so you know what is required of you and the time frame you should anticipate. Consider several key factors, such as when the right time to go to market is, how fast you are hoping to sell, and how much you want to earn in the transaction.
What is my business worth?
Considering all of the variables that determine the "real value" of a business, you'll need to arrive at an asking price that is fair and justifiable. In doing so, it's easier to get an Interpretation of Market Value completed by a third-party. Besides knowing the specific value drivers of a business in specific industries, they also remove the biases attached to a company by a seller. With a more accurate assessment completed, you can easily select a Most Probable Selling Price.
How will I market my business for sale in Whistler, BC?
Prospective business buyers in Whistler, BC often begin their search online through a listings database. In addition to going to market, you should also determine if there are any potential buyers interested in acquiring your business for strategic, financial, or synergistic reasons. You may have an idea of this person in mind, but you should also consult with an M&A advisor as they tend to have an extensive database of potential targets. These prospective candidates will be contacted to determine their level of interest in growth by acquisition.
Considerations When Buying a Business in Whistler, BC
Searching for the “right fit” is a process that is exciting yet potentially overwhelming. Consider the following items when searching for businesses for sale in Whistler, BC!
What are my desired business search criteria?
Get started by determining the search criteria that are most important to you in your acquisition. Most prospective buyers consider elements like financials, location, industry, business size, and growth potential. While it helps to be open-minded and realistic throughout the search process, you still want to segment your options based on your needs and expectations.
How soon am I looking to purchase a business?
Depending on how soon you're looking to buy a business in Whistler, BC, you could want to engage in a more proactive approach. This would entail reaching out to potential targets with related geographical, financial, and industry-related criteria. (One significant advantage to working with a Whistler business broker is that they often have many connections to opportunities not listed on the market!)
What does the market look like for my desired business in the Whistler area?
In total, Whistler generates 25% of the tourism export revenue for all of British Columbia. As tourism continues to expand in the Whistler region, it's safe to assume that a travel-related business would perform well in the long-term. In any industry you buy into, you'll want to evaluate the most current market trends while also looking to historical data to indicate whether or not you're making a good investment.
Why Work with a Business Broker or M&A Advisor in Whistler, BC?
Given the complexity of the sales process on both the buyer and seller side, it’s recommended to work with a business broker or M&A advisor who has years of experience facilitating these types of transactions. With Pacific M&A and Business Brokers, you’re not only receiving knowledge and expertise rooted in the most recent trends and data, but you’re also gaining access to a network of buyer and seller contacts worldwide.
Let us help you buy or sell in Whistler, Vancouver, Squamish, and other nearby cities. Schedule a consultation with us today to learn more about our brokerage services!