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Are your Employees your Biggest Asset?

If so, what is your workforce strategy to access the best talent?

If I were to poll 100 business owners, I would predict that over 90% would say that their people are their greatest asset. I am confident they would also say that one of their top concerns is talent management. And that is something I can understand, as the pursuit of top talent is more competitive than ever and with technology advances, skills shortages, and an overall desire by the workforce to work less/have more flexibility it is every business owner’s pain point.

So as business owners how can we adapt and ensure that our workforce remains our biggest asset?

I think the easy answer is that we need to look at who we hire as well as how we hire.

A Diversified Workforce

Earlier this year, the BDC conducted a survey by Maru/Matchbox which polled over 1,200 small and medium-sized businesses across Canada between April 30 and May 11 of 2018. In it, they asked what steps a business would take in the event of a labour shortage. The answers were many and varied, (e.g. hire less skilled candidates, increase salary ranges to attract the right candidate, etc.) however, only 18% said they would hire immigrants, despite the fact that they represent our largest labour pool.

A diversified workforce is important from several standpoints; not only does it have the power to enhance creativity and foster an integrative environment, but it potentially allows companies to tap into a much broader skill set. And with many SME’s concerned about a shrinking labour pool, tapping into a broader pool of talent will be necessary to survive.
And this is really the key. Invariably, we are all striving for operational excellence in our companies. We are looking for growth and continuous improvement so that we can drive customer and shareholder value. I think we can only do this with the right team; a team that pushes us to look at things differently, holds us accountable to streamline and/or automate our processes, and who have the variety of experience that allows them to bring new and innovative ideas forward.

Diversity can not only help drive this, but also fulfill labor shortages.

Recently we had a client who was looking for a new Controller and the candidates they had did not meet their expectations. Their part-time CFO suggested that they meet with an accountant whose skill set would be elevated but who had not quite mastered “spoken” English. I’m sure there was some initial hesitancy on my client’s part, as they were concerned about communication, but in the end it has turned out to be a great working relationship. One where the Controller and the client will grow together.

A Contingent Workforce

Without realizing it, you are likely already using a contingent workforce to support your business. You may be leveraging external service providers, independent contractors, freelancers, or temps.

I believe this trend will continue. The workforce is not only demanding more flexibility in the workplace, but they are also craving variety of work.

We are seeing many companies embrace the notion of having interim support in their businesses to complement their existing labour pool. However, more and more, I think business owners need to look at how they are hiring.

The client I referred to above engaged a Contract CFO to help them prepare for their next growth stage. They realized that they needed someone who could think strategically, build out financial models/tools, and mentor their existing team. They could not afford, nor did they need, a full time CFO to play this role. They choose to hire a strategic resource on an as-needed basis to complement their team.

If you are an employer and are not yet thinking about how to engage a variety of talent in your business in order to help with growth, succession (of you and your team) or exit plans, I would encourage you to think again.

Any model that helps you access the “right people, at the right time” is essential to your success.

WelchGroup spends a day working at Klipfolio

Workplace culture can make or break an organization. It comes as no surprise that it has a tremendous impact on productivity, morale, and overall happiness of employees. Both WelchGroup and Klipfolio are recognized for their ability to offer their employees a family dynamic, with social initiatives, flexibility, and career growth opportunities at the forefront of their organizational cultures.

Although similar, there are many differences between the 100 year old professional services firm and the rapidly growing SaaS startup. Similar to WelchGroup, the Klipfolio offices offer tons of natural light, an open concept, and flexible work hours. But what sets Klipfolio apart is an office anointed with whiteboard walls, multiple espresso bars, bright colours, and the occasional visit from their Chief Cuddling Officer, Bentley the bulldog.

So, the two companies set out to discover what happens when you take a team and drop them into an exciting new atmosphere for a day. The answer is simple. Collaboration, cross pollination, team building, open discussion, and increased productivity.

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The Future Of Transportation And Why The Electric Car Will Dominate

A process that started two years ago finally came true this September; I took ownership of a Tesla Model 3. I am not a “Car Guy” by any means, I just don’t get excited about cars. I simply view them as a means to get from point A to point B. Ideally, I would not even own a car. However, as I sit in my new Tesla with all of its cutting edge electronics and its sophisticated simplicity, I can see the future, and the combustion engine is in the rear-view mirror.

We got a glimpse of the future in 2016, when our firm was hired to market the sale of an electric vehicle charging technology. While soliciting interest from international companies, we began to see the transformation that was taking place in the market. Companies were spending billions of dollars in an attempt to win the electric vehicle “arms race”. What was particularly noteworthy was that they were not all traditional automotive companies. Technology and engineering companies like Google, Uber, and even Amazon had all recognized the growing market opportunity and were joining the parade.
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The Value of Mid-market Investment Bankers and M&A Advisors

The Value of Mid-market Investment Bankers and M&A Advisors

If you ask any entrepreneur or executive who has made the leap of faith to sell their business, it can be one of the most exciting, rewarding, and difficult journeys of their professional careers. You have invested your life into your business and have created an immense amount of value. However, how can you ensure that your business can go through a sale process without losing its key value along the way?
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The Key to a Locked Box

An alternative to traditional completion accounts & purchase price adjustments

The Key to a Locked Box Header

Doing deals can be an exciting and rewarding process for all parties involved, but in most cases, they require an incredible amount of time, analysis and negotiation to get to the finish line. One of the most contentious issues that continues to plague deals is around working capital – specifically the purchase price adjustments that result from setting working capital targets. If consensus cannot be easily reached, working capital discussions can prolong negotiations, leading to deal fatigue, increased costs and a risk of losing the deal.

To address some of the pain points associated with traditional completion accounts, the use of a Locked Box Mechanism is becoming increasingly prominent, as it can help lead to greater deal transparency, better decisions, and smoother negotiations.
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Canada Olympic House welcomes WelchGroup Consulting

The Canada Olympic House for the 2018 Winter Olympic Games in PyeongChang will not only house Team Canada and all of their excited fans, but it will be opening its doors to two WelchGroup Consulting staff members as well!

Hye-min Lee, WelchGroup Consulting Analyst, emigrated from South Korea to Canada alone when she was just 15 years old. Now awaiting her Permanent Residency, Hye-min applied and was selected to volunteer in the Canada Olympic House. She will have the unique experience of volunteering as a Korean, for Canada, in her home country- a truly surreal opportunity. She is looking forward to meeting all of the athletes, their families, and their friends.

Cody Sorensen, Senior M&A Associate with WelchGroup Consulting, will also be attending the 2018 Winter Olympic Games, but not for the first time. A second generation Olympian, in 2014 Cody competed in Sochi as a member of the four-man bobsleigh team! While Cody traded his speedsuit for a business suit, all of his former teammates will be competing- they are currently ranked 1st and 2nd in the World. This will be Cody’s first time attending the Olympics as a spectator; he will be cheering on his friends from the Canada Olympic House.

Together, they will have the best of both worlds. While Cody will be navigating Hye-min through a unique Olympic experience, he will have the benefit of a tour guide to give him a truly authentic Korean experience.

Go Canada Go!

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