No double dipping at our table: how dual agency works in Canada

No double dipping at our table

Business brokers bring buyers and sellers together.  The rules around “who acts for whom” change with the Canada/U.S. border.

In Canada, individual business brokers often represent the interests of both the buyer and the seller of a business. This is known as dual agency.

Dual agency is not the standard in the U.S., although some states do allow a broker and one agent to represent both sides of the transaction as dual agents.

Normally, buyers pay no fees to us.  The broker is paid on a commission basis by the seller when a business transaction is successfully completed.

It seems that some don’t understand this.  Like this individual from an American financial services firm that wrote:  “I hate double-dipping business brokers”.

And he wasn’t referring to our practices with chips or vegetables.

His statements are misleading.

Let me explain.

Taking a vacation when you’re in charge

Take the plunge!

Are you taking, or have you already taken, a vacation away from your business this year?

If your answer is yes, good for you!

If not, what’s stopping you?  Think twice before you answer.

As a business owner myself, I know how hard it can be to step away.  And provided you enjoy what you’re doing, the workload seems much lighter than it actually is.  I touch on this in tips for baby boom buyers.  Sometimes you don’t even notice how much energy you’re expending.

But that can be part of the problem. You may not be able to separate yourself from your business.  It’s important for owners to make their business independent of them:  they’ll have more flexibility in their life and their business will be worth more when it’s time to sell.

We all need time to wind down and recharge, to clear our mind and get fresh perspective. And vacations are a way to do just that.  They’re good for our health and our business.

Vacationers reportedly experience an 82% increase in job performance post-trip says Intuit’s Guide to Taking a Vacation.