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.

10 Tips for Buying a Small Business

Based on a survey conducted by Merger Network in 2009 among 350 recent buyers, a list of 10 Tips for Buying a Small Business was compiled.

1. Activate your Social Network. Friends, relatives, and business associates are the best resources to tap when it comes to looking for potential business opportunities,   according to recent buyers. Business intermediaries are another potential source for finding out about new business ventures. The majority of respondents indicated the web as the top place to start your search.

2. Get your financial house in order. One of the first things buyers suggest is to get your financing in order. Be sure you have enough money to cover costs for 12‐18 months, add 50% to your   estimates for unforeseen expenses and don’t forget about advertising and marketing budgets. Respondents cautioned prospective buyers to keep the economic downturn in mind when preparing forecasts. Be conservative and be prepared.

Tofino Chamber of Commerce - Investor Open House

Taken from the Tofino Chamber of Commerce newsletter:

" On the 21st of March a group of Iranian investors will visit Tofino to look for investment opportunities. The visit is a part of the SunBelt Investors British Columbia Investment Orientation Tour, designed to show investors what BC has to offer. Because the Iranians are focused on Vancouver Island, investments would stimulate the local economy and create employment opportunities therefore positively influencing the local economy.
 

An open house will be held by the Tofino-Long Beach Chamber of Commerce at Cable Cove Inn's waterfront Yurt on Sunday, March 21st at 7:30pm. Members seeking investors or growth financing are welcome to attend and present their ideas. Michael Naprawa, the owner of Sunbelt Nanaimo, will also discuss investment opportunities in Tofino."

For more information, please contact info@tofinochamber.org or nanaimo@sunbeltnetwork.com.

Iranians Look to Invest in Island - Sunbelt Business Brokers BC

Article in the Nanaimo News Bulletin on Tuesday March 6:

ARTICLE LINK

The Iranians are Back for More!

Another delegation of Iranian Investors hits the Island to explore for business opportunities.

Nanaimo, BC (March, 2010) – Sunbelt Business Brokers BC, Nanaimo, BC a global provider of business brokerage services, announced today that they will be accompanying another group of 10 Iranian investors to several Vancouver Island businesses for sale. The group of 10 Iranian investors and their spouses will be visiting the Island as part of the British Columbia Investment Orientation Tour, especially designed to show investors what the province of British Columbia has to offer.