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Excitement is building for Business Expo 2023.

This popular trade show, which hasn’t been held since 2019, returns to Bingemans on May 10 and will feature more than 200 exhibitors and at least 1,500 attendees from throughout Cambridge, Kitchener-Waterloo, and Guelph.

“This has always been a great opportunity for local businesses to not only showcase what they do but meet and network with other business leaders,” says Cambridge Chamber of Commerce President and CEO Greg Durocher. “It also will provide job hunters, entrepreneurs and businesses the chance to make professional connections.”

Business Expo 2023, co-sponsored by the Cambridge, Kitchener-Waterloo, and Guelph Chambers of Commerce, is free for the public to attend and will also feature many local food and beverage vendors. It runs from 2 p.m. to 7 p.m., providing ample time to check out the displays.

“All three Chambers are pleased to have the chance once again to be able to work together on this event which gives attendees the opportunity to really learn about some of the great local businesses we have,” says Greg.

For businesses taking part in the trade show, he says the quality of their displays can make or break the experience for them.

“Exhibitors new to trade shows tend to focus on the flashy; they want to create displays that will draw crowds,” he says. “But that’s not the point. It’s not the number of people your display draws that matters; it’s whether or not your exhibit engages them when they’re there.”

To maximize your networking at Business Expo 2023, here are a few tips:​

• Neatness and visibility - Keep your display neatly organized and clearly mark all your prices.
• Build Demand - Spark customers’ interest by placing a sold sign on a few items, or by leaving a display spot empty.
• Be Interactive - Contests, prizes, demonstrations, games, and quizzes will generate interest in your display.
• Offer Takeaways - Provide visitors with a small item they can take home with them.
• Clear Signage - Ensure basic information and prices are clearly visible for visitors.
• Literature - Stock up on brochures and fliers, as well as price sheets and business cards.
• Be Business Ready - Make sure you have pens and order forms ready to process potential sales.
• Engage With Visitors - A friendly welcome and the proper body language can go a long way.
• Always Be Open - Ensure your booth is never left empty.
• Follow Up Promptly - The faster you send out emails or make a call the better it is for your business.

A tidal wave of business ownership change is coming, and many business owners should be preparing now, urges Carson O’Neill, Managing Principal of Rincroft Inc., a Waterloo Region-based company which facilitates the sale of small and medium-sized businesses.

His firm has completed the sale of more than 50 family-owned businesses, many of them in Waterloo Region.

Carson most recently penned a book for business owners entitled The Road to Enterprise Value.

He confirms that most owners of Canada’s 1.2 million SMEs are now in their 50s and 60s and looking to sell their businesses over the next five years to fund their retirement.

“The owners are capable in running the operation. They’re down to earth, salt of the earth people and smart,” says Carson. “But most have never been down this path before. For many of them, it’s unchartered water with a lot of money on the table.”

Carson adds that the process is complicated and can last six to nine months.

“There are many issues above and beyond agreement on purchase price. Who’s going to pick up the employees? What about the future of the manufacturing facility? What about the leases? What about the intellectual property? It can be complex and multi-dimensional.”

As entrepreneurs, he says business owners often are often inclined do everything themselves which runs the risk of them receiving much less than what their business is worth, in turn resulting in a less comfortable ‘nest egg’ for retirement.

“The buyers are typically aggressive and want to get the price down,” says Carson. “They’re professional buyers, many of whom who’ve bought many businesses before, so they want to work with a business owner who unfamiliar with the process.”

To better understand the process of selling a business and some of the factors that drive business owners to sell, we discussed several questions:

Q. What would you recommend be the first steps a business owner should take when it comes to selling?

Carson: Delay if you possibly can and get the business in good shape. The business owner should step back, assess the state of the operation, and take steps to strengthen it any way possible. They should not be in a hurry to go to market; our company sometimes takes months working with owners to build the business up before the divestiture process even begins. The best defense is a good offense. Don’t go into this defensively, thinking ‘oh, we have to retire now’. You need to make sure the business is fundamentally strong to secure top dollar.

Q. What are some of the misconceptions a business owner may have when it comes to the process of selling?

Carson: Having never been through the process before, many owners think selling a business is like selling a house. The process is far more complicated and takes much longer. The valuation is far more complex, the information package is far more extensive and there are multiple conditions which need to be met before the funds are wired. Is there inherent value in the business? Does the business have unique capabilities so it can be sold? Where is the ‘secret sauce’?

Q. Other than impending retirement, what are some other reasons a business owner may decide to sell?

Carson: There are usually three other reasons: health problems with one of the owners; shareholders issues with at least one shareholder in need of cash; or the business has plateaued and is going south and that is never a good time to sell a business. Other reasons can include major players are entering the market with vast resources to spend to build market share and the owners are justifiably concerned they will have difficulty competing. They may not yet have reached retirement age, but they are concerned that the value of the business may well go down in the years ahead, so they are better off to sell now.

There is also the possibility of a pre-emptive offer. It is not uncommon for a buyer to approach an owner to buy even if the business is not being sold. This happens with very strong businesses. Sometimes millions are put forth, well over the assessed value. Owners may not have ‘planned’ to sell but many will seriously consider if the price is right.

Finally, the next generation has made it clear they have no interest in the family business. The owners may be in their late-40s with the second generation in their early-20s but that serves as a valuable wake-up call that it is inevitable the business will change ownership. With the emergence of the digital economy, at an early age, many in the next generation have absolutely no interest in ever taking ownership of the established family business.

Q. How has the pandemic affected the sale of businesses?

Carson: Not really. In the early months of the virus there was a period of adjustment, but people realized there was very little need to meet to complete the transaction. Our business did not miss a beat; actually, it got stronger. The change in ownership in Canada will continue relatively unaffected by the ebb and flow of the economy.

The reality is many owners have too much money locked in their business – they usually need it for a comfortable retirement. That has remained the primary reason why they sell, whether the pandemic is here or not. Canadian business owners are getting older. You can’t stop ‘Father Time’.

Q. How has the process of selling a business changed?

Carson: It is now more complicated due, in part because due diligence has become much more rigorous. We live in an age of increasing importance of transparency and full disclosure. No stone will be left unturned. Buyers will look at everything.

Did someone slip on the ice outside your business? What insecticides do you use on the grass and plants? Do you have an alleged harassment situation happening? If one is pending, it must be dealt with because the buyer doesn’t want any liabilities and will walk away. Due diligence and purchase agreements alone can now take three months.

Business is built on relationships and networking is a key tool to make that happen.

But walking into a room filled with strangers can be very a daunting task, says Cambridge Chamber of Commerce President & CEO Greg Durocher.

“The whole trick to networking is understanding what you’re doing,” he says. “You’re not there to make a sale. You’re there to start building relationships because people prefer to do business with others they know, like and trust.”

The Chamber Social, held monthly at a various Members’ businesses, is a great place to build those relationships providing the commitment is there to attend often.

“It’s very much like learning to swim. You don’t learn just by jumping in the pool; you have to continually jump in, and it can be scary,” says Greg. “But the more you do it the more comfortable you become.”

He says by approaching a networking event as way to discover how you can help others can lead to success.

“It might just be offering a recommendation to help them solve a problem and that in itself is doing business. It’s not about being the salesperson, because you’re not selling a product or service, it’s about selling yourself and building a relationship to the point where people will start wanting to do business with you.”

To assist, Greg recommends attending networking events using a tag team approach.

“Tag teams are really important, especially for people who feel a little bit nervous if they’re attending an event where they don’t know many people.”

He says having a comfortable backup will not only give them someone to chat with, but also makes it easier to circulate at an event.

As well, Greg says having a good supply of business cards on hand – in pockets and the car - is vital.

“Having a business card is the authorization you’re giving people to collect the data that’s important to make contact with you,” he says, noting digital cards which utilize a QR code are also good to have. “The only problem with a digital business card is that people have to remember who it was they were speaking with and if they forget your name, it may take time to search it out.”

But when it comes to networking, Greg says ‘repeat, repeat and repeat’ is a must in terms of attendance to build a strong foundation of trust.

“You want to be that one person in the room that virtually everybody knows,” he says. “When you become the person they know, like and trust, that’s going to be your new salesforce because they are the ones who will be referring you and recommending you to others which makes good business sense.”

Put your networking skills to the test at our next Chamber Social which is at Staples, The Business Depot on Monday, Feb. 13 from 5-6:30 p.m

Networking tips:

• Introduce yourself by name and give them your card.
• Make your card memorable, but easy to read.
• Tag-teammates introduce you to people you don’t know but they do, and they get their network working for you too.
• Tag-teammates help one another and keep an eye out. If one is trapped in a conversation or left high and dry, the other can come to their aid.
• Tag-teammates can sing your praises much better than you can. It’s hard for you to launch into a story about yourself.
• Use your teammates name in conversation, this ensures everyone remembers their name.
• If your teammate doesn’t introduce someone to you, use ‘step forward rescue’ and stick out your hand and introduce yourself.
• When you enter a room of strangers, stop, and take your time, look around for the best opportunities, friendly groups, wallflowers and or acquaintances.
• Front of the room is the place to meet people or start a group.
• Approach networking by thinking about what you can do for someone else.
• Establish eye contact, extend a dry, warm hand, exchange cards, engage in conversation (weather, game)
• Great networkers work on building relationships and are known for being there.
• Keep track of events, and the number of contacts you make.  Set goals of events and contacts.
• Just being there isn’t enough, remember, you to need to exchange info. Be entertaining and informative.
• To be a good networker, you need be someone who’s good at following up.
• You need to learn something about people before you can discover what you can do for them. Ask questions, check their website, and talk with others.

The Cambridge Chamber of Commerce and Ontario Chamber of Commerce (OCC) welcomes the return of the Legislature and looks forward to working with Premier Ford, his new cabinet, and all parties to champion the province’s competitiveness, productivity, and growth.

To put its members’ concerns’ front and centre as the Legislature returns, the OCC today released its Blueprint to Bolster Ontario’s Prosperity, which provides a letter to each provincial cabinet minister outlining key policy priorities.

“Businesses across Waterloo Region are looking to the government to develop policies that will spur local and regional economic growth and job creation,” said Cambridge Chamber of Commerce President & CEO Greg Durocher.  “The government must create the right conditions to support business stability, predictability, and confidence. There must be a balance between short-and long-term solutions to address our current and future challenges.”

Some key highlights in the Chamber network's Blueprint to Bolster Ontario’s Prosperity include:

• Addressing Ontario’s labour market challenges by boosting immigration, removing barriers to labour mobility, and introducing workforce development strategies for key sectors such as construction, health care, tourism, and hospitality, and transportation.
• Bolstering our health care system by developing a health human resources strategy, delivering on digital health, and addressing backlogs in routine vaccines, diagnostics, and cancer screenings.
• Continuing to prioritize lowering the administrative burden on business and ensuring that regulation is streamlined and effective.
• Planning for Ontario’s long-term energy needs to ensure businesses and residents continue to have access to reliable, clean, and affordable energy for generations to come.
• Propelling housing affordability through increased supply and regulatory reforms to fuel the industry and help organizations attract and retain talent.
• Advancing regional transportation connectivity and fare integration as well as broadband infrastructure projects in collaboration with the private sector.
• Modernizing public procurement to support small businesses and equity seeking entrepreneurs to diversify the supply chain.
• Seizing Ontario’s opportunity to lead in the global green economy by minimizing uncertainty, supporting cleantech, mobilizing clean energy solutions, and strengthening climate adaptation.

“The past few years have been characterized by tremendous uncertainty: a prolonged pandemic, record-high inflation, supply chain disruptions, labour shortages, and geopolitical turmoil. If we want our economy and people to emerge stronger amid so much uncertainty, Ontario must focus on creating the right conditions to support competitiveness, productivity, and growth,” said Rocco Rossi, President and CEO, Ontario Chamber of Commerce. “We are providing all Ministers with a blueprint for steps that can be taken to ensure we are bolstering Ontario’s prosperity – we look forward to continued collaboration with the Government of Ontario and all parties over the next four years.”

The OCC’s blueprint letters includes both policy asks where immediate action is required to support business and foundational recommendations for long-term prosperity and were informed by OCC’s diverse membership.

READ THE LETTERS.

An ongoing labour shortage continues to hamper Canada’s economic recovery in wake of the pandemic.

In fact, recent research published by the Business Development Bank of Canada (BDC) indicates that 64% of Canadian business says labour shortages are limiting their growth.

The BDC also reports that 55% of Canadian entrepreneurs are struggling to hire the workers they need and as a result, must now work longer hours themselves and delay or even refuse orders they can’t fill. As well, more than a quarter say they are having a difficult time even retaining current employees.

This news doesn’t come as a surprise to Mike Jennings, President of the Cambridge-based digital marketing agency MoreSALES, who has been keeping close tabs on the latest trends as employers in all sectors deal with continued labour shortages.

“The whole interview process is reversed right now. People aren’t coming in to interview for a job, they’re interviewing the company to see if they get to hire them or not,” he says, adding those in the skilled labour category are in very high demand.

According to CPA (Chartered Professional Accountants) Canada, Canadians in general have changed throughout the pandemic. While some decided being locked out of work provided them with the ideal motive to retire, at least 20% of the thousands who lost their jobs have changed sectors looking for work in places that not only may pay more but provide them with opportunities for advancement.

“A lot has to do with the culture of the company,” says Mike, noting surveys targeting millennials shows that flexibility at work and potential opportunities for nurturing and advancement tops wage expectations in terms of importance. “I think the smarter companies get it and those that are smart hire well will do well.”

He says more flexibility in terms of hours and the ability to work from home is key when it comes to attracting new talent, especially parents looking to return to the workforce following paternal leaves.

However, Mike knows this isn’t always the case for many companies, especially those in the manufacturing sector.

“If you’re a machine shop you can’t be all that flexible with your hours,” he says, adding in this case having an up-to-date website is vital since potential talent will do their research before submitting a resume. “If you’re thinking of working for a company that’s progressive and is going to pay well, you’re going to look at their website. But if that website hasn’t been touched in years and there is nothing about the employment situation or the culture of the company, then you’ve got a problem.”

As well, while social media is a great way to promote your company or business and attract potential talent, Mike encourages companies to be very strategic in their approach.

“It really depends on the company. If you’re a B2B company, I wouldn’t waste a lot of time on Instagram or Facebook,” he says. “I would focus more on LinkedIn or YouTube video clips outlining what the working environment is like at your company.”

He says connecting your staff on LinkedIn is a great way for potential employees to get a ‘sneak peek’ at your workplace.

“It will give them a sense of what kind of people they could be working with,” says Mike.

Visit https://moresales.ca to learn more.

The arrival of the pandemic has altered our lives in many ways, especially how business is now being conducted.

As more businesses and organizations look for ways to present their message to potential customers and supporters, creating quality videos should be the method near the top of their list.

“In light of COVID-19, we have seen the world turn to video as a lifeline not only professionally, but personally,” says expert video strategist Sheryl Plouffe. “It is the way of the future and businesses that do not integrate video will fail over the next decade.”

The international speaker and successful entrepreneur will share some of her valuable insight at our next YIP Growth Learning Series event that focuses on video messaging, which experts say is a great way to connect on an emotional level with your audience compared to other content.

“I see a lot of people watching their competition using video, taking their prospects and clients away from them because they’re not willing to face their fear or nervousness about stepping in front of the camera,” says Sheryl. “A lot of people are hanging onto a level of perfectionism that is hindering their growth.”

Known for using simple, yet strategic storytelling, she will share some of her best on-camera strategies to assist participants in creating polished and professional products, with an emphasis on how video messaging can benefit their business by making bigger impacts.

“My intent is that they’ll feel motivated to take those first few important steps towards building a video strategy that builds their platform and brand,” says Sheryl, adding she’s an ‘open book’ when it comes video. “I also consider myself a video marketing crash test dummy to some degree, so I feel like people who come to this presentation will benefit from asking me anything.”

Find out more by joining our session, YIP Growth Learning Series: Video Messaging, on Tuesday, April 6 from 11 a.m. to noon sponsored by Deluxe.

To register, visit: https://bit.ly/3smSWPY

Recovery Activation Program expands to Cambridge

COVID-19 has changed everything, requiring telecommuting, on-demand delivery and services, supply chain resiliency and virtual collaborations.

Even as the province begins to reopen, the pandemic has heightened the urgency for businesses to digitize to survive.

To address this change, Toronto Region Board of Trade and World Trade Centre Toronto created the Recovery Activation Program, or RAP. RAP offers businesses the know-how, blueprint and partners to address the conditions that COVID-19 has created by implementing digital solutions to their front, middle and back-offices. It will not only equip them to come through COVID-19 intact, but to thrive.

With the support of a $7.7 million investment from the Government of Canada and Government of Ontario, RAP is now expanding to businesses of all sizes throughout the province, including Waterloo Region. The Cambridge Chamber of Commerce has been selected as an important partner to help ensure local businesses benefit from the customized services and mentorship that RAP offers.

“We’re recruiting for RAP because we believe this program will provide our Members with a great opportunity to move their businesses forward,” says Cambridge Chamber President & CEO Greg Durocher. 

By enabling this partnership between the Cambridge Chamber and the Toronto Region Board of Trade, the governments’ investment in RAP will also help make sure at least half of RAP’s participants are based outside of Toronto.

“The Recovery Activation Program is a direct response to what we’re hearing from our members and the business community at large: digital tools and services are crucial to success, but challenging to implement,” said Jan De Silva, President and CEO of the Toronto Region Board of Trade. “Cambridge’s involvement in this program will result in the digital transformation of businesses outside of Toronto who will now be in a position to shore up their current business offerings, create new businesses opportunities and explore new markets.”

Recruitment is now open and interested businesses can apply here.

For more information, please contact Cambridge Chamber President & CEO Greg Durocher at 519.622.2221, Ext. 2223, or by email at [email protected].