Sometimes referred to as the grey economy, it can make significant waves in the financial wealth of the cities and towns in which the business is located. Many economists warn that mismanagement could have a ripple effect on the already fragile Canadian economy.<\/p>\n
In reviewing data trends from Statistics Canada on small businesses in Canada, there has been a steady increase in those enterprises. In 2008 there were approximately 899,008 small businesses across our provinces and territories. Just 10 years later, that number has risen to 1,133,493. That\u2019s an over 20% national increase in a decade.<\/p>\n
Small Business, Big Benefits<\/strong><\/h2>\nSmall businesses do more than provide jobs (although they definitely do that!). Small businesses made up 97.9% of all the employers in Canada in December 2020, according to StatsCan.<\/p>\n
Small business enterprises also bring careers and opportunities to people. The good deeds of small businesses abound; successful small businesses return money to their local community economy through paychecks and taxes, which can support the creation of new small businesses and improve local public services. They impact the provincial and national economic trends by positively impacting overall consumer confidence.\u00a0<\/p>\n
We connected with the team leader of The Vanguard Team<\/a>, Rhys Wyn Trenhaile, for his take on why he thinks Windsor, Ontario may have the very best business buying opportunities of any major Canadian City.\u00a0<\/p>\n![\"\"](\"https:\/\/www.canadianrealestatemagazine.ca\/wp-content\/uploads\/2023\/10\/0380_638110356348597594.jpg\" "\\"-\\"")
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\u201cIf you buy a business that\u2019s already profitable for years from an owner trying to retire, you have every opportunity to modernize, automate and add tons of new revenue streams to it. I find the person selling already knows many of these ways to increase profits, but they happily haven\u2019t done them as they look to retirement. You buy an existing business because you can finance a lot of it against the profits, then use the profits to implement the value-add strategies. Best of all, the actual real estate properties of that business tend to be at a much, much more reasonable price than if you were trying to buy a larger ICI property for investment purposes. Windsor tends to be an excellent place to acquire these businesses owing to a serious lack of competition, traditionally robust immigration to get the necessary labour force to work, and all the advantages of being in a rapidly growing City within a 4-hour drive of over 80 million Americans.\u201d\u00a0<\/p>\n
There\u2019s a reason why financing these businesses tends to be fairly easy; it\u2019s not just that many vendors will withhold a loan \u2013 the government is invested in avoiding a potential crisis in the economy. These small businesses are the cornerstone of the Canadian economy. They cumulatively employ 10.3 million of the Nation\u2019s workforce. Entities like the Business Development Bank of Canada go to great lengths to help entrepreneurs acquire the business and save those jobs.\u00a0<\/p>\n
COVID-19 and The Impact On Small Biz<\/strong><\/h2>\nThe COVID-19 epidemic has had a detrimental impact on the world economy and has particularly hurt small enterprises. While some organizations may have been more negatively affected than others, it is generally believed that 64% of Canadian businesses still have pandemic debt, 56% are still producing less money than usual, and 77% are still feeling the pinch of pandemic stress.<\/p>\n
Poorly managed ownership transitions may lead to business closures, bankruptcies, a lack of services in the communities where the business is located, job losses, decreased productivity, and an unstable economy, in addition to business owners selling their company too soon and not getting the full value of it.\u00a0<\/p>\n
A Fast Track For Entrepreneurs<\/strong><\/h2>\n
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\u201cIf you buy a business that\u2019s already profitable for years from an owner trying to retire, you have every opportunity to modernize, automate and add tons of new revenue streams to it. I find the person selling already knows many of these ways to increase profits, but they happily haven\u2019t done them as they look to retirement. You buy an existing business because you can finance a lot of it against the profits, then use the profits to implement the value-add strategies. Best of all, the actual real estate properties of that business tend to be at a much, much more reasonable price than if you were trying to buy a larger ICI property for investment purposes. Windsor tends to be an excellent place to acquire these businesses owing to a serious lack of competition, traditionally robust immigration to get the necessary labour force to work, and all the advantages of being in a rapidly growing City within a 4-hour drive of over 80 million Americans.\u201d\u00a0<\/p>\n
There\u2019s a reason why financing these businesses tends to be fairly easy; it\u2019s not just that many vendors will withhold a loan \u2013 the government is invested in avoiding a potential crisis in the economy. These small businesses are the cornerstone of the Canadian economy. They cumulatively employ 10.3 million of the Nation\u2019s workforce. Entities like the Business Development Bank of Canada go to great lengths to help entrepreneurs acquire the business and save those jobs.\u00a0<\/p>\n
![\"\"](\"https:\/\/www.canadianrealestatemagazine.ca\/wp-content\/uploads\/2023\/10\/0380_638110358453559987.jpg\" "\\"-\\"")
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