Why More Women in Northern Ontario Should Be Buying Businesses

Buying a business can sound like a faraway dream. Needing capital, prior experience with entrepreneurship through acquisition (ETA), and located in a big city. The reality is, you don’t need any of that to buy a business. In fact, you actually have an advantage if you’re located in a smaller region, with less competition and close-knit network so you know when businesses are for sale without them even hitting the market. 

Take it from Erin Sisko, whom we chatted with about the ins and outs of what it takes to buy a business in Northern Ontario. Erin is based in Northwestern Ontario, specifically Thunder Bay. She bought a bakery back in 2022 and is currently working on her second acquisition, so she knows a thing or two about buying businesses. 

Let’s dive into Erin’s journey and why more women in Northern Ontario should be buying businesses!

What inspired you to buy a business instead of starting one from scratch?

The decision came from a mix of curiosity, lived experience, and recognizing the right opportunity at the right time.

Erin had already experienced what it takes to build a business — The Elleaince Network, a national business mastermind community for Canadian women entrepreneurs, and the reality of doing it alone. She was used to wearing all the hats and being responsible for everything from accounting and operations to marketing and sales. 

Instead of starting from scratch again, Erin became interested in what it could look like to go into business with complementary partners — where responsibilities are shared, and each person focuses on their strengths and work in their zone of genius. 

At the same time, a clear opportunity presented itself in her hometown. A beloved bakery had been sitting on the market for sale for three years, and Erin saw both its potential and the risk of it disappearing. She also knew someone who had once considered buying it but didn’t feel ready to take it on alone.

“I remember I was looking at it one day and I’m like there is such a great opportunity here somebody has to buy this and keep it going and I knew that my friend had wanted to buy it a couple years ago and I really felt like she was the perfect person to run it.”

Can you tell us more about the business you purchased and what drew you to it specifically?

It wasn’t about the product, it was about the opportunity behind it.

Erin focuses on businesses she understands at a fundamental level, not necessarily as an operator, but as a consumer. She looks for businesses where she can clearly map the customer journey, identify growth opportunities, and see where value can be created.

That’s exactly what she found with Carol’s Cakes. The bakery had been a staple in Thunder Bay since the 1980s, with a strong local reputation and loyal customer base. But like many long-standing businesses, it hadn’t fully kept up with changes in technology, marketing, or consumer expectations. 

She saw a business with an established brand, deep community roots, and what she describes as “low-hanging fruit” like opportunities to modernize systems, refresh branding, and better connect with today’s customers.

Just as important was the legacy behind it. “I love that after 3 years of deals falling apart, Carol could retire. Carol could retire because we bought it and we are taking good care of it, and I think she’s really proud.”

What was happening in your life or career at the time that made business acquisition feel like the right next step?

Before becoming an entrepreneur, Erin built her career in banking, spending 15 years at institutions like BDC and Scotiabank. During that time, she worked directly on financing business acquisitions, giving her a behind-the-scenes view of how deals actually come together.

“I probably funded like a hundred transactions over 10 years…so I really got to see the buyer and seller angle.”

She became fluent in reading financial statements, understanding valuations, and assessing risk. While many aspiring buyers feel intimidated by the numbers, Erin had already spent years making lending decisions based on them.

At the same time, she saw patterns that shaped how she approached acquisition herself.

In banking, business purchases were often viewed as risky, especially in the first few years of transition. But Erin began to question that assumption as she looked at opportunities through an operator’s lens.

“I don’t think that right now that needs to be the case at all. We are in this very unique time period where the boomers are retiring and they have built profitable businesses. I heard a stat that 80 to 90% of these boomers’ businesses are profitable, which is a much different statistic than modern-day businesses that are tech or venturebacked. ”

What were some of the biggest challenges you faced during the acquisition process?

Two challenges stood out immediately: financing and partnership.

Financing was the biggest hurdle in their first acquisition. When they set out to buy the bakery, traditional bank financing wasn’t an option due to the quality of the business’s financial records. That forced them to take a different route.

“We were not able to get any sort of bank financing. So we had to go a private lender route and at the same time give up some equity.”

That experience shaped how Erin thinks about acquisitions today. With her next deal, she’s now working with banks thanks to stronger financials but that process has brought its own challenges. It’s been long, complex, and slow-moving, stretching across eight months and counting.

The second major challenge was navigating a business partnership.

Erin is clear: partnerships can unlock incredible potential, however they come with real risk.

That’s why she emphasizes the importance of being intentional from day one. Understanding roles, aligning on expectations, and putting strong legal protections in place, especially a well-structured shareholder agreement, are non-negotiables.

In your experience, are more women exploring business ownership through acquisition? 

Despite the growing conversation around entrepreneurship, Erin believes business acquisition is still largely under the radar, especially for women.

In her experience, even highly capable, business-minded women often aren’t aware that acquisition is an option. Many have started businesses or considered it, but haven’t been exposed to ETA as a viable path.

“The majority… 90% of my network don’t understand it well enough.”

That gap is exactly why Erin has made it part of her mission to talk about it more openly.

She sees a massive, time-sensitive opportunity, one driven by a wave of retiring business owners and a large number of profitable, established companies changing hands. For her, this isn’t just another trend; it’s a rare window that won’t come around again.

She also sees acquisition as a powerful tool for growth, whether that’s building a portfolio of businesses, diversifying income, or accelerating wealth creation in a way that starting from scratch often can’t match.

Why do you think Northern Ontario is an interesting place right now for people looking to buy businesses?

The opportunity in Northwestern Ontario isn’t about the region being inherently better than anywhere else, it’s about understanding the market you’re in.

Erin’s biggest piece of advice is simple: start where you are.

“I would just say that starting off buying a business in a market that you are most familiar with is probably the best place to start.”

Because she was born and raised in Thunder Bay, Erin has a deep, intuitive understanding of the local market like how businesses operate, what customers value, and where opportunities exist. 

In smaller regions like Northwestern Ontario, that familiarity becomes a real advantage.

Communities like Thunder Bay are tightly connected. Many people stay long-term, which means they build strong relationships with local businesses and their owners over time. That creates something incredibly valuable for buyers: built-in brand recognition and trust.

When you acquire a business that’s been around for decades, you’re not starting from zero — you’re stepping into something people already know and rely on.

But one of the biggest advantages is less visible: access to opportunities.

“I would say maybe eight businesses a year will hit a public listing and there’s probably hundreds that actually turn hands.”

Unlike real estate, where listings are public, many business sales happen quietly, through conversations, relationships, and networks. In markets like Northwestern Ontario, where communities are smaller and more connected, those informal channels are even more important.

That’s why Erin emphasizes building a strong local network early. Connecting with business owners, accountants, lawyers, bankers, and other operators is often how deals happen, not through listings, but through trust and proximity.

Erin is actively building spaces to support more women stepping into ownership. Through the Elleiance Network, she’s creating a community where women can learn, collaborate, and grow together as entrepreneurs and business buyers. You can explore membership options here.

She’s also leading initiatives like the Capital Elle Impact Award, which supports and celebrates women building and scaling businesses across Canada. Learn more about the 2025 award and keep your eyes peeled for the 2026 award here.

About Venture for Canada’s ETA Bootcamp: Toronto

If Erin’s story sparked your curiosity, you don’t have to figure it out alone.

Venture for Canada’s ETA Bootcamp: Toronto is designed to help you move from interest to action.

In just 5 weeks, you’ll learn how to:

• Source and evaluate businesses
• Understand financials and deal structures
• Navigate financing and negotiations
• Build the network you need to buy your first business

Program details:

• When: April 11 – May 16, 2026 (5 weeks)
• Where: Hybrid (virtual learning + in-person sessions in Toronto)
• Cost: $2,600 CAD
  

Enroll here

Scholarships are available for women in Northern Ontario, funded by Northern Ontario Women (NOW), covering the full program fee. Interested? Email eta@ventureforcanada.ca