Business Broker Sees Better Days Ahead For Ontario Businesses

A business broker serving the Greater Toronto Area is receiving strong anecdotal signals from the business resale marketplace that the worst of the recession may be over.

“There are many more enquires from people interested in buying a business,” said Steve Skrlac, a business brokerage professional. “The start of the year was quite slow. People were frightened and very few business brokers that I spoke to were closing deals,” said Skrlac. “Interest from investors of small businesses has certainly picked up though. Business brokers are fielding more calls and good offers on businesses are coming in,” asserts Skrlac.

The business resale market in Canada has slowed considerable since the fall of 2008. Buyers were frightened of committing to an investment when the economic future was uncertain and many business owners pulled out of the business resale market altogether until the economy improved. Business brokers get paid based on transactions and this group was particularly hit hard by the recession.

The recession put a virtual stop on the small business resale marketplace. Overall business resales fell by up to a third in volume according to Skrlac. “I never thought it could have gotten so slow in the market,” says Skrlac.

Anecdotal evidence suggests that the worst is now over though. “Calls are significantly higher than from even 3 months ago. Buyers are coming back to the marketplace now,” says Skrlac. “More business owners who have held off on listing their business for sale have also decided to list. Many business brokers are much more bullish about the market now than they were compared to just last Spring,” adds Skrlac.

Steve Skrlac is a professional in the field of business brokerage. He serves the Ontario marketplace from Toronto to Hamilton.

Coldwell Banker Pinnacle Real Estate, Brokerage is based in Hamilton, Ontario. Steve Skrlac, MBA, CFA focuses on small businesses for sale valued at under $5 million.

Via EPR Network
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Business Interruption Insurance Protects Against Lost Profits

The business industry these days is in need of some help. Businesses left and right are being forced into bankruptcy, regardless of whether they’re neighborhood staples or new up-and-comers. On top of having to worry about keeping their profits in the green, business owners also have to adequately protect their establishments against catastrophic disasters such as fires, tornados, floods, etc. A recently published article on InsuranceAgents.com reveals the importance of business owners purchasing a quality business interruption insurance policy.

The article, titled Business Interruption Insurance: When Disaster Strikes, emphasizes that a quality business interruption insurance policy can help prevent a business from stopping or slowing down production should a catastrophe strike. Most standard policies include compensation for profits the company would have earned had the property not been affected by a catastrophe. For example, if a business’s building burns down to the ground and the business is forced to relocate, all of the profits it loses are covered.

Any expenses the company pays for are also covered in a standard policy, particularly electricity and heat, which may occur even if a business’s operations are put on a temporary hiatus. There are some disclaimers, however, to a business interruption insurance policy.

“Keep in mind that a business interruption insurance policy is not your standard policy,” the article describes. “It is not sold by itself, but instead is most commonly added onto a property insurance policy or included in a separate package. More often than not, it takes longer to renovate a building than initially anticipated.”

So how affordable is quality coverage? The price of a business interruption insurance policy depends on a variety of factors, including the location of the establishment, premise of the business and how easily it adapts to operating at a temporary location. Business owners looking to obtain a business interruption insurance policy for their business should contact a business insurance agent today.

Go to InsuranceAgents.com for more information and to receive insurance quotes from up to five local agents.

Via EPR Network
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