Dear BTF Community,
For many Alberta business owners, the challenge right now isn’t opportunity. It’s uncertainty.
Geopolitical pressures, shifting trade relationships, labour constraints, and rising operating costs are creating decisions that feel harder to time and riskier to make. As Todd Millar, President and CEO of TEC Canada and Chair of BTF Alberta 2026, put it, owners are dealing with forces that sit well beyond tariffs alone, including “on again, off again discussions with current political entities” that make long-term planning difficult.
And yet, Todd is clear that uncertainty doesn’t eliminate opportunity. Alberta still has “really strong tailwinds,” whether through traditional energy, renewables, or the next generation of businesses being built today. The question is how owners choose to lead through it.
Key Takeaways for Business Owners:
- Owners consistently underestimate the time and focus required for transactions
- Buyers value leadership depth more than founder confidence
- Clean financials and credible data build trust quickly
- Long-term value comes from building a business, not a “campground”
Enjoy,
Mark
What High-Stakes Transactions Teach You
Todd’s perspective on transition was shaped during one of the most intense transactions in Canadian private equity history: Bain Capital’s acquisition of SuperPages Canada and the sale of its assets less than a year later.
What stayed with him was not just the outcome, but the pace.
Once the business moved from public ownership to private equity, leadership could “act in ways that speed would’ve been… focused and expedite certain parts of that transaction.” The ability to concentrate decision-making and move with urgency created a compound effect.
For most owners, Todd sees a consistent miscalculation. They underestimate how consuming a transaction becomes once it’s underway. By the time a deal process begins, leadership bandwidth is already stretched, and operational strain quickly follows.
What Buyers Are Really Looking For
When transactions struggle, Todd rarely points to valuation mechanics first.
Instead, he points to people.
Without leadership depth, owners often become “required to stay on for an ongoing basis.”
Buyers are assessing whether there is confidence in the team – particularly for financial buyers who depend on continuity and execution beyond the founder.
The second factor is operational discipline. Clean financials matter, but so does credibility. Data must be clear, consistent, and easily understood by external parties.
When financials are unclear, uncertainty creeps in quickly.
Together, leadership depth and operating discipline form the foundation buyers rely on when assessing risk and future potential.
Business Or Campground
As Chair of BTF Alberta 2026, Todd encourages owners to pause and ask a simple but confronting question: Is this a business, or is it a job with better margins?
He describes many owner-led companies as campgrounds. They can be profitable. They can even look successful from the outside. But everything depends on the owners presence. When the owner steps away, decisions slow down, customers feel it, and momentum fades.
In Todd’s words, you haven’t built an asset. You’ve built a role for yourself.
A business is different. It is designed to operate without the founder at the center. Leadership decisions are distributed. Accountability is clear. Value exists beyond one individual. That separation doesn’t come from working harder or adding more tactics. It comes from stepping back and thinking strategically about what the business is meant to become.
This is why Todd believes BTF matters.
By attending, owners “deliberately create space, even if only for one day, at least for one day, to think strategically” about where their business is heading, not just how to keep it running this quarter.
That pause is often what turns a campground into a business.
Lessons From Everest Base Camp
Some of Todd’s most enduring leadership lessons came far from boardrooms and balance sheets.
During a 25-day trek to Everest Base Camp with his 16-year-old son, Todd experienced leadership stripped down to its essentials. There were no shortcuts or room for ego and every decision had consequences, and emotional reactions were quickly exposed.
Looking back, Todd says the experience reinforced lessons he wishes he had applied earlier in his career: humility matters, ego clouds judgment, shortcuts increase risk and emotional decisions tend to surface later as operational problems.
In extreme environments, progress depends on pacing, listening, and trust. Todd sees clear parallels in business leadership, particularly during periods of transition or stress. When conditions tighten, leaders aren’t tested by how fast they move, but by how well they stay grounded.
The People Question Ahead
When Todd looks ahead, he doesn’t start with markets or capital. He starts with people.
As baby boomers exit the workforce, Canada is facing a leadership gap, and strong leaders are becoming what Todd calls “a scarce entity.” For him, organizational challenges eventually reduce to two things.
“There’re only two issues that come up. One is about money… The other one is people.”
Money problems can often be addressed with spreadsheets, accountants and advisors.
People problems are different.
They require foresight, development, and honest succession planning.
That’s why Todd believes leadership depth is directly tied to valuation.
Building bench strength and clear succession plans, he says, will be “the game changer to any organization as it relates to evaluation down the road.”
Final Reflection
Todd Millar’s message to business owners is steady and practical.
Uncertainty will come and go, transactions will take longer than expected and markets will test focus and discipline.
What endures is leadership depth, clean execution and the willingness to step back and build something that does not rely on you to survive.
That mindset defines Todd’s approach as Chair of BTF Alberta 2026, and it reflects the kind of thinking owners need as they prepare for what comes next.