To DCF or not to DCF: That is the Question

The discounted cash flow (DCF) method is a widely adopted methodology for the valuation of public and private companies in Canada. The following blog article explores how this methodology, as well as other valuation methodologies, are applied in practice and whether certain methodologies are more appropriate than others for differing valuation purposes. In particular, we explore why certain methodologies, and not the DCF, appear to be more common in the areas of tax valuations, matrimonial and commercial litigation, and whether this promotes more accurate and reliable business valuations.

A Background on the DCF

The DCF was born from finance theory. Following the stock market crash of 1929, DCF analysis gained popularity as a valuation method for stocks. Irving Fisher in his 1930 book The Theory of Interest and John Burr Williams’s 1938 text The Theory of Investment Value first formally expressed the DCF method in modern economic terms.
Read more

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?
Read more

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.

Read more

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.
Read more

WelchGroup Consulting Announces the Recapitalization and Sale of GAL Power Systems Ltd. to Florida-based Private Equity Firm, Trivest Partners.

WelchGroup Consulting Announces the Recapitalization and Sale of GAL Power Systems Ltd. to Florida-based Private Equity Firm, Trivest Partners.

WelchGroup Consulting (“WelchGroup”), a subsidiary of Welch LLP, is pleased to announce that it acted as the exclusive M&A Advisor to GAL Power Systems (“GAL Power”), an Ottawa-based leader in providing critical power and temperature control solutions in North America, on its sale to Florida-based Private Equity firm, Trivest Partners (“Trivest”).
Read more

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?
Read more

WelchGroup advised Deslaurier Custom Cabinets with sale to Cyril Leeder, Bernie Ashe, James Maxwell and more

WelchGroup advised Deslaurier Custom Cabinets with sale to Cyril Leeder, Bernie Ashe, James Maxwell and more

OTTAWA, July 16, 2018 – WelchGroup Consulting, a subsidiary of Welch LLP, served as the exclusive financial advisor to Deslaurier Custom Cabinets (DCC), Ottawa’s leading manufacturer of custom cabinetry, in connection with the sale to a local shareholder group.

The new group of DCC shareholders includes:

  • James Maxwell, Entrepreneur and CEO of Investment Partners Group
  • Cyril Leeder, former President and co-founder of the Ottawa Senators
  • Bernie Ashe, former CEO of Ottawa Sports & Entertainment Group (OSEG) and KOTT Group
  • Mike Deslaurier, son of company Founder Jim Deslaurier and DCC’s current Director of Operations
  • Tyler Leeder, CPA and most recently of Deloitte’s Ottawa office

With an established network of over 30 dealers across Ontario, Deslaurier has numerous opportunities for continued growth which will be supported by the new management team.

The terms of the transaction were not disclosed.

About Deslaurier Custom Cabinets

For more than 35 years, Deslaurier Custom Cabinets has been the leader in the design, manufacturing, installation and servicing of cabinetry in Ottawa and surrounding areas. The company operates effectively in a number of business channels that include some of the region’s top, award winning builders and renovators and a dealer network that represents the Deslaurier brand throughout Ontario. In addition, the company has a highly trained professional design team that deals directly with home owners on their new or renovated kitchens. The company operates its manufacturing plant in Renfrew and has showrooms in Ottawa (Baxter Road) and Renfrew.

For more information, visit

About James Maxwell

James was a successful entrepreneur in automotive distribution and is currently a professional investor in retail, corporate furniture sales, water management, financial management and land development.

About Cyril Leeder

Cyril Leeder is a successful prominent Ottawa businessman who was one of the founders of the Ottawa Senators Hockey Club, serving as their President and COO for more than 15 years. He has been an active member of the Ottawa business community for over 35 years.

About Bernie Ashe

Bernie is a successful Ottawa businessman, was the CEO of three companies: AiT, KOTT Group and most recently the Ottawa Sports and Entertainment Group (OSEG).

About WelchGroup Consulting Inc.

WelchGroup Consulting Inc. is a corporate finance and business advisory firm. For more information on WelchGroup Consulting, please contact Stephan May at or visit

For more information click the following links:

Inside Ottawa Valley   Ottawa Citizen   Ottawa Business Journal

Candace Enman Earns Her Certified Management Consultant Designation

Candace Enman Earns Her Certified Management Consultant Designation

Candace Enman, WelchGroup Consulting’s President successfully earned her Certified Management Consultant designation.

The Certified Management Consultant, (CMC) designation is an international certification mark, recognized in more than 40 countries. This certification represents a commitment to the highest standards of consulting and adherence to the ethical canons of the profession.

How will clients benefit from Candace’s CMC designation?

  • More valuable advice based on Candace’s broad industry knowledge and access to a range of best practices from CMC-Canada.
  • Guarantee of integrity, transparency, and accountability through adherence to the Uniform Code of Professional Conduct.
  • Access to the people and expertise beyond the consulting firm if necessary.
  • Confidence of working with a consultant with certified credentials and a strong reputation in the business.

Congratulations Candace!

WelchGroup supports the Women’s Business Network Charity Golf Tournament

Candace Enman and Hye-min Lee of WelchGroup Consulting were proud to have participated in the 24th Annual Women’s Business Network Charity Golf Tournament, helping to raise funds to support the Healthy Women Healthy Community initative by the Ottawa Hospital Foundation on June 20th.

Welchgroup Consulting Acquires Capacity Financial

Welchgroup Consulting Acquires Capacity Financial

OTTAWA, ON – July 4, 2018 – WelchGroup Consulting is excited to announce that it has acquired Capacity Financial Consulting Inc., a local boutique professional services firm providing business valuations, financial consulting and transaction advisory services to both the private and public sector. Through this acquisition, WelchGroup Consulting will welcome Adam Nihmey, CFA, CBV, as our Managing Director of Valuation and Litigation Support.
Read more

Ottawa: 613.236.9191  |  Toronto: 647.288.9200
Buying a business, Selling a business or Building value in your business - our advanced services and support tools provide step-by-step advisory to achieve your business objectives.