Page 22 - LBMAO - Reporter Jan-Feb 2023 - web optimized

a sign out front may seem simple, but it may that the business they are purchasing is Are you ready?
also be a sign to employees that they need to legitimately valued if the selling has some risk Just like retirement, if you are constantly
look for employment elsewhere. Surprises involved as well. It does carry some risks for thinking about getting out, you are probably
like an ice cream cake out of the blue are the seller and needs to be properly valued. Do ready to move forward. If the flame has gone
nice to have but finding out your employer your homework on the buyer just like they are out on your passion, it is probably time to
or main supplier has decided to get out of the doing on the business seller. move on. You do need to make sure that you
business are never fun. You don’t want your do your research before your start down
best staff member or best customer to leave Taxes the path to a sale. Look around and talk to
your business before a sale so confidentiality No one likes to pay taxes but in Canada it business-sale brokers. Find someone who
is important. Non-disclosure agreement (NDI) can be particularly painful when selling your has specialization in building materials. They
needs to be signed with all interested parties. business. It is important to seek advise from will have contacts that they have developed
While it is difficult not telling key staff while tax planners who specialize in business sales maybe even potential buyers for your
negotiating a sale, it is a necessity. so they can properly help you plan for the business. Don’t limit yourself to just one
tax man. The accountant that has done your customer. The most important thing is do
Financing the deal taxes for years may not have the knowledge your research on the broker, the buyer, the tax
The rapid change in interest rates and the and experience to help you in this important planners – everyone involved.
increase in consumer credit risks have made sale. Don’t be afraid to ask around to get the If you would like to reach Nitin Khanna of
lending money to finance a business sale right specialist for your needs. Again most N3business nitin@n3business.com
tougher than ever. Many business sales have entrepreneurs only sell their business once His website is: www.n3business.com
some element of the seller providing some so ask for help to make sure that you pay only
financing to the buyer. This can help complete your fair share.
the sale and it often helps reassure the buyer

Robert Dundas "BOB" Sutherland
...Obituaries continued from page 17

reasured husband, father, and “papa”, Bob passed he continued to work independently on his next
Taway unexpectedly on Thursday December 8th business venture (Solutions Training) which was
during his ongoing recovery from his recent heart a plumbing and electrical training program he
surgery. Dear husband of 53 years to his loving wife facilitated in stores across Canada and at the LBMAO
Ilse. Beloved father of Morrell and Richard (Maricel) training seminars. He did this using his patented
Rutherford. Proud grandfather of Cullen and Garrett displays, which were a staple of this business.
McCurrach and Liam Rutherford. Predeceased by his Business and pleasure aside, nothing brought
grandson Taylor. Bob more joy than his loving wife Ilse. They spent
Bob worked a number of jobs over his career. He most of their married years traveling the world
started with Dominion stores in high school. When and often brought their friends, children, and
he first met Ilse, he was working for Rothman’s grandchildren along for the ride with them.
cigarettes. Bob opened his first independent Cremation has already taken place in honor
business in Toronto (Kitchen World) where he lived of Bob’s wishes. A celebration of his life will take
with his family for 13 years. They moved back to place at the Marconi Club on March 4th, 2023, from
London after the death of Ilse’s mother, where he 2-5pm. In lieu of flowers, donations can be made
undertook renovating the family home of 50 years in Bob’s memory to either the Men’s Mission or the
in the historical Woodfield district. From there, Heart & Stroke Foundation.

INDEX TO ADVERTISERS

Atlas Polar ......................................................................................................5 Nicholson and Cates Limited ................................inside back cover
Canada Fastening Corporation .....................................................12,13 Nu-Forest Products (Canada) Inc. ......................................................15
Castle Building Centres Group ..........................outside back cover Polytarp Products ................................................................................................11

Gillfor (formerly AFA Forest Products) ...............inside front cover Sellick Equipment ..................................................................................................9

22 LBMAO Reporter - January-February 2023 www.lbmao.on.ca