BC's Economy is Looking Up

On April the 12th the government of British Columbia released a report revealing a number of interesting economic indicators. Overall the economic climate seems to be improving, below a list with some positive economic indicators can be found:

- Major construction project in B.C. hold strong

- Building permits on the rise

- 2010 first quarter housing starts doubles 2009 figure

- B.C. forecast to lead Canada in new home starts

- Conference board forecasts B.C. to lead Canada in growth in 2010

- B.C. to lead nation in job creation

- Vancouver's economic growth expected to lead Canadian cities

- Consumer confidence in B.C. up yet again

- Business confidence remains strong

- Vancouver a top city for international competitiveness

- B.C. continues to record strong population growth

- B.C.'s housing sales continue positive rebound

- B.C. remains a box office leader in film and TV production

- China grants Canada approved destination status

Source: BC Government Website, 2010

When to Sell a Business

Finding the right time to sell your business can prove to be quite a challenge. The following article shows a number of signs that indicate that it might be time to move on.

A survey of business activity nationwide shows that many sellers are taking advantage of the window of opportunity offered by today's favorable marketplace. In this recent survey, almost one-third of business owners responded that they are considering the sale of their business. The first question one might ask, given the relatively healthy financial climate, is WHY? Selling when times are good? The answer, for many sellers, can be a resounding YES! Here are some of the reasons why, followed by tips for getting the process started.

The Buyers Are Out There: The current economic upturn has depended to a great extent on trimming the corporate fat. Executives and middle managers out of work--and determined not to be "downsized" by big business again--are eyeing the advantages of being in business for themselves. Since 1990, the percentage has steadily grown of those corporate executives who leave jobs in order to become independent business owners. It isn't just the money they are dreaming of--it's the desire for more control over their lives.

The Importance of Succession Planning

Selecting an appropriate successor is crucial to the survival of a business. A good business plans today for tomorrow. The issue of succession, specifically aimed at British Columbia, is discussed in an article featured in BC Business Online:

With the majority of B.C. employers qualifying as small businesses, it’s no wonder experts such as succession-planning lawyer Don Sihota and the executive director of UBC’s Business Families Centre, Judi Cunningham, are warning small businesses about the danger of delaying succession planning.

This is “a huge issue, not only for business owners themselves, but really for the economy as a whole,” says Sihota. Cunningham points out that B.C. will see trillions of dollars passing between owners and their chosen successors within the next 15 to 20 years.

BC's Self Employment Boom

The Globe and Mail featured an article about how entrepreneurship is flourishing in British Columbia. The article states that more and more people find self employment the way to go. 

After a decade repairing helicopters in places from the Arctic to Mexico, Marc Bonin grew weary of the turbulence in B.C.'s economically sensitive aviation industry. He wanted stability, and a chance to spend more time with his young son.

 

So last June he threw open his doors as the Car Butler – a service geared toward busy Vancouver-area doctors, lawyers and executives, which picks up and oversees repairs of their cars. It was a decision forged by choice, one that he said gives him more flexible work hours, potential for higher earnings, less need to travel and a chance to start something from scratch. Mr. Bonin, 38, plans to franchise his business in the next three years.

“I see it as my own creation. Many people relate it to babies, how they grow, and I can totally see it that way,” he said.

Many others across the country can relate. More than 115,000 Canadians became self-employed in a recent one-year period, a study released Monday showed.