Everyone's a Winner
The kids are all right, and they have a healthy measure of self-regard.
At least, that's what one survey shows. In a 2016 global poll of some 4,000 entrepreneurs by HSBC Private Banking, 23 percent of respondents in their 20s said they went into business to make a difference in their community, versus just 13 percent for those over 50. Meanwhile, almost 40 percent of 20-somethings polled were more likely to work hard at confronting social and environmental issues within their company, compared to 25 percent for the over-50 set.
Another finding: where only 17 percent of respondents 50 or older said they got into business to make a name for themselves, more than a quarter of those under 30 had that goal.
Those two very different ambitions cropped up when we chose the winners of our fifth annual 30 Under 30 competition (p.26). On the one hand, there was no shortage of nominees whose businesses exist for a higher purpose than making a buck. On the other hand, many of the contenders are shrewd selfpromoters—not shy about singing their own praises as they seek to establish a personal brand.
I don't see a contradiction here. Although it's encouraging that young entrepreneurs are serious about improving the state of the world, I also know how much that world has changed. Standing out today takes work. You don't need to be a pushy egomaniac, but it does call for assertiveness. Congratulations to all of the 30 Under 30 winners.
On page 49, you'll find another celebration of entrepreneurship. The Ernst & Young ( EY) Entrepreneur Of The Year awards for the Pacific Region turn 25 this year. To mark that milestone, contributor Jessica Werb asked several winners to share their thoughts on building a successful business and what it means to take home a coveted EOY prize. We're proud to have profiled them and hundreds of others over the past quarter- century in our annual awards package. Congrats to EY'S Lui Petrollini, EOY Pacific Region program director, and his team. Bcbusiness hopes to remain a sponsor of the awards for many years to come.
And remember, the 25th edition of EOY is now accepting nominations. It never hurts to apply for an award. Who knows? You may be featured as an EOY winner in our October issue—or, if you make the cut-off, on our next 30 Under 30 list
At some point, a person who has launched a business will eventually be motivated to sell it, whether the circumstances are voluntary or involuntary. Ideally, an exit plan will have been established that is not only beneficial to that person, but also to management, staff, and the future health of the company.
Yet in Pino Bacinello’s experience, too many small to medium-sized businesses have no such plan. The president and founder of Pacific M&A and Business Brokers Ltd. says, “I can’t tell you how many entrepreneurs have approached me in their advanced stages of desiring to exit their business and seeking help, with their energy and skills having lessened with age, health or skill set limitations and their company’s value having diminished as a result.
“Of course, it’s never too late for Pacific M&A to help, but we prefer to establish an exit strategy early on so that it can be deployed when necessary and optimize the business value.”
Vancouver-based Pacific M&A and Business Brokers is comprised of a team of experienced, certified intermediaries who represent businesses of all sizes and types. They bring buyers and sellers together in a confidential environment to manage negotia- tions until a deal is agreed upon and closing legalities are finalized, all the while keeping the clients’ interests at the forefront.
Pacific M&A uses a five-stage process to help clients successfully sell their business, starting with an assessment of the most probable selling price (via a valuation report that interprets the market’s real value of the business in the open market).
This is followed by due diligence and preparation that consists of multiple confidential and restricted-exposure marketing documents to address different levels of buyer interest and qualifications. Then comes the actual marketing — local and worldwide, using their local in partnership with Pacific M&A and Business Brokers Ltd.