All The Pieces Fell Into Place In This Big Business Transition
Mario Toneguzzi
When it came time to sell the family-owned Bison Transport Group a few years ago, all the pieces seemed to fall into place for the Jessiman family with the right buyer coming forward.
- The timing of the company sale;
- How some transition stories are not always positive; and
- The importance of attending the Business Transition Forums
Enjoy,
Mark
When it came time to sell the family-owned Bison Transport Group a few years ago, all the pieces seemed to fall into place for the Jessiman family with the right buyer coming forward.
“We always felt we were the right owner for the business up until the point in time when we ultimately decided to sell,” says Peter Jessiman, CEO of Winnipeg-based Jessiman Family Investments Inc. and former Co-owner of Bison Transport. “We took great care of our people and reinvested heavily in the business every year. We were fully committed to it, and we were able to successfully finance the continued growth of the company notwithstanding how capital intensive it was.”
“We felt that as long as we could continue to finance and facilitate the growth, we would be the right owners for the firm. Our team was performing at the highest levels and wanted to keep growing at significant double-digit rates. Then, in 2020, with a billion dollars in annual revenue, we embarked on a long-term strategic planning review. When we realized the capex required to keep growing at such a rate, it suddenly didn’t feel like we were best suited to continue on as owners. Bison needed to be part of a larger enterprise.”
“What mattered to us more than anything was our people. So, if we were going to sell, we would be extremely picky about who we would consider as a potential buyer. It was around that time the Richardson family expressed an interest and given the respect I had for them both as business owners and as incredible leaders in philanthropy and in the community, I knew right away it would be the absolute best fit. That is a decision I will never regret.”
Bison was founded by Duncan Jessiman in 1969 and had been owned by the family since its inception. In December of 2020, it was officially sold to the Richardson family.
“Obviously, it was a large transaction. Deals of that size don’t rarely get described as really good all around, but this was an exception. I think everybody’s very happy, and the company continues to thrive under Richardson ownership,” said Peter Jessiman.
Today, Jessiman oversees the family office JFI. He also serves as a Director of CentrePort Canada, Chair of the Board of Colorado-based CTI, and has served on numerous other corporate boards over the years. He is also a very passionate philanthropist and remains extremely involved in the community via the Jessiman Foundation where he serves as Co-Managing Director and Trustee. He was also recently named to the Global Leadership Council of Mayo Clinic, the world’s leading health care institution.
Jessiman will Chair the Business Transitions Forum on October 12 in Winnipeg. It’s a role he seems very excited about and given his own transition in recent years seems well suited.
For business owners, whether or not they’re thinking of selling, Jessiman says they should attend the Business Transitions Forum.
“It’s an amazing lineup of entrepreneurs with some incredibly fascinating stories of growth, transition, and overcoming major challenges along the way. These are some of the greatest businessmen and women this Province has ever produced, and their stories are riveting. I think people are going to be really impressed,” he added.
But, Jessiman adds, transition stories are not always uniformly positive.
“I consider myself extremely fortunate in that our sale went very, very well. That said, I’m cognizant of the fact that transitions don’t always go as smoothly. I think that’s part of the opportunity when you attend the BTF…… to hear some stories where there were major challenges in the selling process. How did people deal with these challenges? What would you have perhaps done differently? Who did they use as advisors along the way? What a great opportunity to learn from others who have already been through it all”.
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