Imagine owning a business in the year-round outdoor sports playground of Fernie, B.C. - powder skiing and single track in your backyard. Or being the CEO of your own firm nestled in the heart of Prince Edward County's wine region in Ontario.
Does it sound like an idyllic life? It could be ... until you try to sell the company. A smaller town can pose unique challenges given the more limited pool of immediate potential buyers and the speed at which news spreads.
Brad Bottoset, founder of business brokerage The Liberty Group of Nevada, says owners in a small town face distinctive obstacles when it comes to selling. Mr. Bottoset, who grew up in Windsor and now lives in Reno, explains: "In a small city, there is often only one or two businesses in a certain industry. If I was representing a Ford dealership in Toronto, I'd describe it as a 'car dealership' in the marketing materials.
"If I was selling a Ford dealership in Sarnia, I'd describe it as 'a retailer.' You need to be vague in describing a small-town business in the marketing materials to avoid the entire town finding out your business is for sale."
So what advice does Mr. Bottoset offer owners? "Make sure your broker is aware of the advantages of living in your town. There are a lot of people who work in corporate jobs in the city that dream about buying a small business in a small town and enjoying life at a slower pace. Paint a picture of the lifestyle benefits of living in your area."
Please use the comments section below to describe what you think are the unique benefits (and drawbacks) of building a business in a small town.
Special to the Globe and Mail
John Warrillow is the author of Built To Sell: Turn Your Business Into One You Can Sell . Throughout his career as an entrepreneur, Mr. Warrillow has started and exited four companies. Most recently he transformed Warrillow & Co. from a boutique consultancy into a recurring revenue model subscription business, which he sold to The Corporate Executive Board in 2008. He is the author of Drilling for Gold and in 2008 was recognized by BtoB Magazine's "Who's Who" list as one of America's most influential business-to-business marketers.