Thanks to Sunbelt, Good Company Steakhouse Finds Perfect Buyer



From left to right: Steve and Cynthia Shann (Former Owners);
 Michael Naprawa, President of Sunbelt Business Brokers in Nanaimo;
Francis Hoogendoorn and Edwin van Duist (New Owners)



From the Netherlands to Canada! A successful European restaurateur embraces the beauty of Vancouver Island. Edwin van Duist is the previous owner of the renowned river-floating pancake restaurant on a ship and the new owner of Good Company Steakhouse in Duncan. It was a fairy tale transaction but the happy ending didn’t come without a few bumps in the road.



Edwin and his family originally made the continental voyage for another business, but the deal fell through. After months of searching, Edwin contacted Sunbelt Nanaimo. Here’s where the story accelerates. “Early one Saturday morning, I received an inquiry from Edwin about one of our business listings,” says Michael Naprawa of Sunbelt. “We met that morning spending two hours discussing his needs & skill set…it was clear that the business he had first inquired about was not a good fit. But I knew of a potential match—only a couple weeks earlier we had a call from a Duncan restaurant owner who wanted to sell, but the listing process had not even begun! By that Friday, an offer was prepared, accepted the week after, and the entire transaction closed within 7 weeks of that first meeting!”

Michael Naprawa who is the owner of Sunbelt Nanaimo says that after five years in the business brokerage industry, Sunbelt has established relationships with a pool of qualified buyers. Their “matchmaking” process between buyers and sellers of businesses makes timely transactions like this one increasingly common. “We were prepared to wait 1-2 years for the business to sell and couldn’t believe it sold so fast,” says Steve & Cynthia Shann of Good Company Steakhouse, who are exceedingly pleased with how Sunbelt handled the smooth transaction. Both parties describe their experience with Sunbelt Nanaimo as “very efficient” and highly recommend Sunbelt Nanaimo for selling or buying a quality business.

As for Good Company Steakhouse, the original owners will stay on during training and transition and business will continue as usual. Drop in for a good meal and experience a warm Dutch welcome from the new owner, Edwin! This is just one of the many success stories that buyers and sellers have had with us.

If you are contemplating the sale of your business, or considering small business ownership, contact the Sunbelt Nanaimo office at 1-877-289-0969.





Casting or Recasting - What's the Difference?

Definitions of Casting. 1. The art of throwing a fishing line out over the water by means of a rod and reel. 2. The act or process of choosing actors.

Operating your own business may seem frightfully similar to either one of the above definitions! However, when it comes to valuing your business for sale purposes, there is a type of casting that is crucial. Recasting.

What “recasting” the financial statements does is:

• Provide a clear indication of the business value to help the owner form accurate expectations
• Allow for owner benefits such as salary, perks, and discretionary expenses to be added back into the value of the business so a future buyer can accurately assess its cash flow and future earning capacity.
• Enable buyers to make meaningful comparisons with other investment opportunities.

Recasting is one of many services provided by BC Business Brokers. We assist business owners in understanding financial statements so they can move forward with the completion of the business sale. We also bring qualified buyers to the table and assist them in finding the right business for their background, lifestyle and financial goals. Because selling a business is pivotal on its asking price, the consultants at BC Business Brokers are trained to perform an analysis of financial statements to calculate a range for the “Most Probable Selling Price” (MPSP) of the business. This range is what the current market will typically support.

BC Business Brokers provides outstanding resources, expertise and people who are dedicated to the success of its clients. And if you’re lucky, your business broker may even take you fishing… with a rod and reel that is! You are welcome to visit our local website http://www.bcbusinessbroker.ca/, or the international website www.sunbeltnetwork.com/vancouverisland. Feel free to contact us direct at 250-751-7917 or 1-877-289-0969 to learn more about what our business specialists can do for you.