Dear BTF Community,
What does it take to build a business that survives crisis, scales to industry leadership, and eventually exits for hundreds of millions of dollars?
For Mike Fata, Co-Founder of Manitoba Harvest and Chair of this year’s BTF Winnipeg, the answers came in the toughest years of his entrepreneurial journey.
Mike’s story is about more than just growth and exit, it’s about resilience, leadership, and the value of learning from others who have walked the same path. His lessons offer insights for owners preparing for transition, whether that’s next year or ten years down the road.
Key Takeaways:
- Transparency in tough times builds trust that lasts.
- Conferences are powerful mentorship environments. Ask: “What would you do if you were in my situation?”
- Your health is your biggest performance driver. Treat entrepreneurship like training for a sport.
Enjoy,
Mark
Every entrepreneur faces moments when survival feels uncertain.
For Mike and his team at Manitoba Harvest, that moment lasted more than two years. The company was in negative equity (its liabilities outweighed its assets) and it was relying heavily on trade credit to keep operations alive.
For many leaders, this would have been the time to go quiet, hide from creditors, and hope for a turnaround. Mike chose the opposite path:
“I existed in negative equity situation for over two years… It taught me a lot about building trust, even when on paper we weren’t necessarily trustworthy because we didn’t have the assets. But we clearly communicated and were very open with people.”
By laying out the reality with suppliers, sometimes even week by week, explaining what could and couldn’t be paid, Mike built credibility in the face of weakness. The result was not only survival but stronger long-term relationships when the business recovered.
His advice for other entrepreneurs in crisis is blunt but vital:
“As entrepreneurs, when things aren’t going our way and challenges arise, there’s a tendency to hide instead of facing them head-on… the worst thing you can do is say nothing.”
For owners preparing for transition, this lesson matters. Buyers and investors care deeply about how leadership handles hard times. Transparency can become your most valuable asset.
Learning From Those Who’ve Been There
Mike’s early years taught him resilience, but when it came to preparing for an exit, his most valuable education came from peer-to-peer learning.
“For some people, selling is the biggest thing they’ll ever do in business, and they may only do it once.”
Listening to entrepreneurs who had already navigated mergers, acquisitions, and sales gave Mike insights he couldn’t have found anywhere else. These shared experiences set expectations, revealed common pitfalls, and offered a real-world guide to what success (and struggle) look like.
That’s why Mike is so committed to his role as Chair of BTF Winnipeg this year. For him, the Forum is about creating the same environment that helped shape his journey, so no owner walks into the biggest deal of their life unprepared.
Treating Conferences as Mass Mentorship
One of Mike’s most practical takeaways is how he approaches events like BTF. He sees them not just as information sessions, but as collective mentorship opportunities:
“I think a conference like BTF is mass mentorship. You have so many mentors there… I always ask this question of what would you do if you’re in my situation?”
It’s a deceptively simple strategy. Rather than passively absorbing a panel or keynote, Mike applies the insight directly to his own situation. For entrepreneurs in transition, this framing can transform the value of every session, turning generalized advice into tailored strategy.
If you’re attending BTF, try it yourself. Take every piece of advice and run it through the lens of your own business: What would this speaker do if they were me?
The Entrepreneur as Athlete
While strategy and mentorship are critical, Mike insists that none of it matters if entrepreneurs neglect their health. The energy and resilience required to build, sell, or transition a business rivals that of a professional athlete preparing for competition.
“Being an entrepreneur is like being an athlete. The better that we focus on our health and our routine, the more successful we’re going to be.”
Mike emphasizes that transitions often demand “extra effort”; late nights, tough negotiations, and emotional strain. Without a foundation of proper sleep, nutrition, and exercise, even the best strategy can collapse under the weight of burnout.
For business owners preparing for the once-in-a-lifetime challenge of selling or transitioning, this advice is more than metaphor. It’s a practical call to treat your body and mind as assets that need daily investment.
Final Reflections
Mike Fata’s journey (from negative equity to a $400M+ exit) is a case study in resilience, transparency, and continuous learning. His story reminds us that the hardest times often become the foundation for the strongest companies, and that no entrepreneur has to walk the path of transition alone.
The Business Transitions Forum exists for exactly this reason: to connect owners with peers, mentors, and strategies that prepare them for one of the most significant milestones of their career.
As you plan your next steps, carry Mike’s question with you into every conversation: “What would you do if you were in my situation?”
The answer may not only change your strategy, it may change your outcome.