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The Simple Way to Buy a Business in Manitoba

Brad O'Connor

March 24, 2021

Why make it difficult when there is an easy way?


If you are new to the entrepreneurial world, the idea of starting your own business can seem quite daunting. 

In the majority of cases, buying an existing business poses less of a risk than starting one from scratch. When you buy an existing business, you are benefitting from an established customer base, reputation, and employees who are already familiar with operations and procedures. You would be taking over an operation that is generating cashflow and profits from day one, which also makes it easier to acquire financing. Buying a company in Manitoba is a complicated process, but here are some ways to help simplify your business buying experience!

Selection Process - Make the RIGHT choice 

The first step to more easily buying a business in Manitoba is to find one that is the right fit for you. You might want to start by looking at an industry that you understand, or that you have experience in. Spend some time thinking about the type(s) of business(es) that interest you and best match your skills. Acquiring a business in an industry that is familiar is easier than starting fresh in a new industry, as you can carry over your experience and skills into your new endeavor!

Sources for Available Businesses

A google search reveals that there are different sources for finding available businesses for sale, but in most cases the listings from a local broker like OConnor Business Brokers is your best source. The sellers are motivated to sell and have been vetted by the broker to be a solid opportunity for a buyer. If you are serious about buying, you can save a lot of time and effort selecting from your local business broker listings.


Do your Due Diligence

Once you have found a business to buy, but BEFORE you make the purchase, do your research! Due diligence for purchasing a business in Canada normally includes a thorough review of your target business’s market positioning, legal issues, and financial records. This may seem like an obvious step, however skipping this important part can lead to costly post-purchase surprises down the road. Here is where your business broker can help you. It is vital to have someone with experience in the industry conduct this thorough research of the company’s records. For example, in addition to your business broker you might want to consider also hiring an accountant who specializes in business acquisitions to analyze the financial records, and a lawyer to examine any legal issues that affect the company. You wouldn’t want to buy a house without an inspection, and the same goes for buying a company! A knowledgeable business broker can assemble a team that includes accountants and lawyers experienced with these transactions. 


Hire an Expert

Regardless of whether you are just getting started, or you are a serial entrepreneur, life is busy, and hiring a business broker will ensure that all the details are taken care of and nothing gets missed! Commercial business brokers have years of market experience and provide valuable counsel to help you navigate the complicated world of buying a business in Canada. Business brokers will guide you through every step of the buying and selling process, from pre-screening businesses and navigating financial negotiations, to expert marketing and business valuation. If you want complete peace of mind when buying a company, hiring a commercial business broker is the way to go!


Buying a business can be an exciting and lucrative endeavor, and these tips can help streamline the process. Ready to level up or get started on your entrepreneurial journey? I can help. Contact me today!

More questions?  We can help.

EVALUATION/CONSULTATION


If you are a business owner considering selling a business, and would like to learn more about OConnor Business Brokers and Consultants and the services we offer, please contact us to arrange a confidential business evaluation. 

You will meet one of the Directors of OConnor Business Brokers, and your requirements will be discussed. During the meeting you will have the opportunity to find out more about selling a business, and how our business brokers and M&A Advisors can assist you with the business sale process. 

Unlike many other approaches, OConnor Business Brokers start without any preconceived ideas about what is right for you and for your business. By understanding the business and your motivation we can help steer you in the right direction. This often challenges conventional thinking and comes as a refreshing change to the norm.


The Directors of OConnor Business Brokers have experience as business brokers, business consultants, M&A advisors, and business owners. We understand the challenges and pressures that face a business at any one point. We therefore use our time together not to try and sell you our services but to help you understand your options and how we can help.


An initial meeting lasts approximately one hour, and can take place virtually or in person at our office.



Evaluation and Consultation Request

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