Retirement dreams put in jeopardy after business valuation
September 25, 2019 | Business Transitions Forum
Donald Cranston still remembers the pit that formed in his stomach more than a decade ago when he and his business partner saw the cold, hard numbers about their successful business.
For decades, he and his cousin Lynn Cranston had run the Medicine Hat-headquartered retail business Nutters Bulk and Natural Foods, generating tens of millions of dollars in revenue annually from several stores operating in three provinces.
“You work 10, 20 years, sweating it out, taking these huge risks, and reinvesting in your business, and then you go through the process of valuation and find out, ‘Oh my gosh! It’s not worth as much as I thought!’ ” Donald Cranston says.
The result was devastating to the owners, who had hoped the sale of the business would fund their retirements. Flash-forward to today, however, and their story is headed toward a much happier conclusion. [Continue reading]