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On this week’s episode of Free Lunch by The Peak, we chatted with Cordell Jacks, CEO and General Partner of The Regenerative Capital Group, to discuss the oncoming retirement wave of small-to-medium-sized business owners and how entrepreneurs can capitalize on it.
How many businesses will go on the market in the near future?
“In Canada, we're looking at 76% of small and medium enterprise owners looking to retire in the next decade. Of that, upwards of 90% do not have a succession plan. That equates to almost 700,000 businesses that will be changing hands or looking to change hands.”
What do people look for when they’re looking to buy businesses?
“People say to find a business that’s successful, despite itself. It hasn't upgraded technology, and if you do that, it will be even more successful. It hasn't got great finance or accounting systems. And if you update those, you're making even better decisions in a business.”
How does someone get started in the business acquisition space?
“You have to have business acumen. You need to be able to look at financial statements and know whether you're buying a lemon. But those things are easily trained. An entrepreneurial journey is just a rocket ship of continued learning. Those with talent and grit will pick it up.”
This interview has been edited for clarity and length. Listen to the full conversation here.