Empowering Canada’s Next Generation of Entrepreneurs: Reflections From the Field

The Entrepreneurship through Acquisition (ETA) model has become an increasingly attractive path for people who want to own and run a business without starting from scratch.

My decision to partner with Venture for Canada (VFC), participating in panels and leading sessions for their ETA Academy and Bootcamp programs,came from watching a trend unfold over the past several years. Across Canada, thousands of baby boomer business owners are approaching retirement. Many have spent decades building successful companies but don’t have clear succession plans. Their kids might not want to take over, selling to a competitor isn’t always appealing, and finding the right buyer who will preserve what they’ve built? That’s a lot  harder than it sounds.

This is where ETA searchers come in. They’re motivated people who want to step into ownership– giving retiring owners a dignified exit while keeping jobs intact. It’s a win-win scenario, but there’s a catch: many talented individuals pursuing this path lack exposure to the financial due diligence processes and investor expectations that can make or break a deal.

While advising searchers, I’ve seen firsthand what happens when someone pursues a deal without fully understanding the financial analysis required. Luckily, VFC has taken significant strides in bringing the searcher community together, and partnering with their ETA program felt like a natural way to be closer to the community and help bridge this knowledge gap. By sharing what we know, we can support clients in making informed buying decisions and create a stronger ecosystem.

Bridging the Gap: Turning Financial Theory into Informed Action

I was genuinely impressed by the level of engagement from participants in the ETA program. These weren’t people looking for shortcuts. They came prepared and asked smart questions about financial KPIs, normalized Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA), working capital adjustments, quality of earnings, and deal structuring—and why these mattered when evaluating a business.

In one of the workshops, we focused on teaching participants how to read and review a Confidential Information Memorandum (CIM). I wanted participants to learn to approach the numbers with healthy skepticism— digging beyond the surface and asking meaningful questions, such as how  management adjusted EBITDA was calculated. We walked through examples of how customer concentration, one-time expenses, and accounting choices can paint a misleading picture of a company’s performance. Learning to spot red flags and ask the right questions can save searchers from costly mistakes down the road.

During the sessions, we used a combination of practical and theoretical approaches. We used a mock CIM and presentation materials to explain key concepts and enhance learning.

When participants worked through analyzing a CIM with incomplete information, they experienced what it actually feels like to evaluate a business under pressure. They had to prioritize what mattered most and make judgment calls—just like they’ll need to do in a real search. As participants became more informed as the session progressed, they started seeing that data gaps are not always obstacles, but opportunities to align interests and make deals work, and sometimes take the hard call to pass. When they encounter these situations in real life, they’ll have frameworks to draw on.

What’s Next for KSMC and the ETA Community

I believe we’ve only scratched the surface when it comes to establishing ETA as a mainstream path in Canada. Coming out of these sessions, I’m genuinely excited about the future. The quality of people pursuing this path is exceptional, and more people need to be brought into this track.

At KSMC, we’re thinking about how we can continue supporting this community. Our strength lies in our Deal Advisory experience, and one way we can be most helpful is by staying engaged and creating lasting partnerships throughout the business buying journey—when searchers are actively looking at deals, negotiating LOIs, performing due diligence, and even post-acquisition. 

Helping new business owners optimize cash flow and working capital in those critical first months post-close, or enhancing their financial reporting framework can make a huge difference.

Beyond that, there’s real value in building a stronger community of practice. Bringing together searchers, advisors, and investors to share lessons learned—both successes and failures—can raise the sophistication of the entire ecosystem.

Buy Your First Business with ETA Bootcamp

Canada’s first intensive program giving you the step-by-step knowledge, playbooks, and network you need to start searching for—and buying—your first business.

When
October 29 – December 13, 2025 (5 weeks)

Where
Hybrid: Virtual, with two in-person sessions in Calgary, AB

Who
Mid-career professionals with 2+ years of work experience

In just 5 weeks, ETA Bootcamp accelerates your path to business ownership. From building your deal pipeline to structuring financing, you’ll gain practical tools, expert guidance, and a peer network to support your journey.

What sets ETA Bootcamp apart? It brings you direct access to acquisition professionals—investors, lawyers, bankers, and operators—who share not only their strategies, but also their unfiltered lessons from deals gone right (and wrong). No theory, no fluff—just the frameworks and connections you actually need.

Registration closes October 24, 2025. Spots are limited, and once they’re gone, they’re gone.

👉 [View the full course schedule and apply today]