Dear BTF Community,
For many business owners, transition has traditionally been something left for later, tied to succession or a future moment when the timing felt right.
That approach is shifting.
That shift is happening as Canada enters a significant wave of business transitions, with thousands of SMEs expected to change hands in the coming years, making timing and preparation more consequential than ever.
Véronique Dorval, Executive Vice President and Chief Operating Officer at BDC and 2026 BTF Toronto Conference Chair, is seeing more owners move earlier and with greater intent. This isn’t a reaction to a single moment, but a broader shift in how growth, productivity and ownership decisions are being made.
Transition is no longer something to plan for eventually. Instead, it’s being used deliberately to strengthen the business, access new capabilities and stay competitive as conditions evolve.
Key Takeaways for Business Owners:
- Transition is increasingly used as a lever for growth and productivity.
- Preparation starts with clear intent, backed by financial and operational discipline (often well before a transaction is contemplated).
- Outcomes are shaped by integration, culture and execution over time.
Enjoy,
Mark
Growth & Profitability Are No Longer Separate Conversations
Across the businesses BDC works with, two priorities are consistently coming through.
“There’s been a lot of focus on profitability… and at the same time, entrepreneurs are looking at what’s the next growth opportunity.”
That balance isn’t easy to maintain.
Pressure over the past few years has forced many businesses to become more disciplined, more resilient and more focused on performance.
What is changing is how growth is being approached.
“Business transition is being considered as a way of maintaining profitability and accelerating growth.”
Rather than treating transition as an endpoint, more owners are starting to see it as a path forward. It becomes a way to solve for scale, capability and productivity in a single move.
A Shift Toward Acting Sooner
One of the most noticeable changes is timing.
“There’s more of a sense of here and now… there’s a need to be ready and to act.”
Acquisition and transition have been on the radar for years for many owners. What’s changed is the urgency. Opportunities are appearing and business owners aren’t waiting.
Canada is facing a roughly $300‑billion wave of business transitions; 61% of SMEs are led by owners aged 50+, and nearly one in five plan to exit within five years.
While not all these businesses will necessarily sell, this represents a significant productivity and ownership realignment opportunity.
At a national level, this is a wave that will shape Canada’s economic resilience and economic sovereignty for decades. There’s also a practical driver behind this shift.
“Business transition can be a faster and less risky way to solve talent and technology challenges.”
For many businesses, building internally can take years. Acquiring those capabilities, when done thoughtfully, can accelerate progress while reducing uncertainty around execution.
What Preparation Actually Requires
Preparation is often discussed in general terms but in practice it is more specific and more demanding.
It begins with clarity.
“Being very clear on the intention… what are you trying to achieve.”
That clarity anchors every decision that follows. Without it, even well-structured transactions can drift.
From there, financial and operational readiness become critical.
“Making sure your financial position is strong and your operations are clean so that it’s easy either to sell or to acquire.”
There is also a need to understand the full range of options available.
“Many sellers are not aware of all the financing options… including solutions that are not dilutive.”
When those options are understood early, owners have more flexibility in how they structure outcomes and more control over what they retain.
Where Value Is Actually Realized
The technical side of a transaction can be executed well but that alone doesn’t determine success.
What happens after the deal closes matters just as much.
“You can have everything technically sound… but culture and communication are an important factor of success.”
That shows up clearly in how businesses approach integration.
At Rhesus, an IT services and solutions provider in Victoriaville, Quebec, leadership chose to prioritize people, alignment and continuity following an acquisition, taking the time to integrate teams thoughtfully rather than rushing the process. That approach allowed the business to expand its capabilities while improving margins and maintaining performance.
At Telelink, a telephone answering service company headquartered in St. John’s NL, the first phase of growth following acquisition was deliberately focused on trust, operational alignment and knowledge transfer. Financial returns followed but only after the foundation had been built.
These examples reflect a consistent pattern. Integration is not a phase to move through quickly. It is where long-term value is created.
Building For Resilience Along The Way
Beyond growth, resilience remains central.
“Resilience comes from having a diversity of options… across clients, geography, and supply chain.”
That diversification creates stability in uncertain conditions. It allows businesses to adjust without relying too heavily on a single market, customer or supplier.
In practice, it also supports better decision making. When options exist, choices are more deliberate.
A Broader Lens On Business Transition
What makes this moment distinct is not only what is happening at the company level but how those decisions accumulate.
This shift is unfolding amid a significant surge of business transfers in Canada, driven by demographics and persistent productivity gaps. How owners prepare, or fail to prepare, will shape who grows, exits, and ultimately owns Canadian businesses.
This does not change day to day decisions but frames their national impact. As a historic surge of transitions unfolds, early preparation will help determine whether transfers boost productivity, sustain growth, and keep ownership in Canada.
“We are at a pivotal moment in Canada… business transitions can help preserve competitiveness and drive productivity.”
Each transaction contributes to something larger.
“When ownership stays in Canada… it contributes to a more economically sustainable and sovereign country.”
This perspective does not change daily decisions but highlights their broader impact. Preparation, timing, and ownership choices shape the competitiveness of the Canadian economy.
Expanding Who Participates
Part of that broader view includes access.
“We have grown significantly the number of women entrepreneurs we support, but there are still gaps in access to capital and networks.”
Addressing those gaps is an ongoing focus.
“We are supporting more women through acquisition and creating pathways for those who want to become entrepreneurs.”
As participation expands, so does the range of businesses able to grow and transition effectively.
Final Reflection
Véronique Dorval’s perspective reflects a steady but meaningful shift.
Business owners are not waiting for the right moment in the same way they once did. They are preparing earlier, acting with more clarity and using transition to shape what comes next.
The fundamentals remain consistent. Clear intent, strong financial discipline and thoughtful execution still determine outcomes.
What is changing is how early those elements are put in place.
Véronique Dorval will be leading the conversation as 2026 BTF Toronto Conference Chair, bringing this perspective to a broader group of business owners thinking about growth, transition and the future of Canadian business.