When a client asks "what comes next?"
You see succession conversations before anyone else does. Often years before a broker is engaged. This page is meant to help you answer your client's questions, and to let you evaluate us before you make an introduction.
The succession gap, in numbers.
Your clients are not alone in not having a plan. The data on Canadian owner-operators is stark.
of Canadian small-business owners plan to exit within the decade, representing more than $2 trillion in business assets.
CFIB, 2023
have a formal, written succession plan in place.
CFIB, 2023
of exiting owners would prefer to sell to an unrelated third party, ahead of family succession (24%) or an employee buyout (23%).
CFIB, 2023
of Canada's 1.08 million small businesses are in Ontario, the highest concentration in the country.
ISED, 2025
Sources: Canadian Federation of Independent Business, Succession Tsunami (2023); Innovation, Science and Economic Development Canada, Key Small Business Statistics (2025).
How a search fund compares to the alternatives.
A general guide to what typically happens under each path. Every transaction is different; this is meant to help frame a first conversation with your client, not replace one.
| Path | Who runs it after | Typical hold | The team | Owner's role |
|---|---|---|---|---|
| Search fund (Dovetail) | One full-time owner-operator, backed by experienced investors | 5–7+ years; no forced exit | Retained; no restructuring on arrival | Owner's choice: clean exit, advisory, phased handover, or minority rollover |
| Strategic acquirer | Integrated into the acquirer's management | Indefinite | Overlapping roles are often consolidated | Usually a short transition, then exit |
| Private equity platform | Hired CEO; PE firm on the board | 3–5 years to next sale | Varies; professionalization common | Often a meaningful rollover and ongoing role |
| Family succession | Next generation | Indefinite | Continuity | Gradual, often unfunded transfer |
| Management buyout | Existing managers | Indefinite | Continuity | Usually a large seller note; owner remains exposed |
Note: "typical" patterns drawn from Canadian lower-middle-market practice; not a statement about any specific transaction or acquirer.
How we work with you.
Talk to us before your client does
We're glad to have an introductory call with you alone, without a specific client in mind, so you can form your own view of who we are before you decide whether to make an introduction.
Your client keeps their advisors
We work alongside the accountant, lawyer, and wealth manager your client already trusts. We will never suggest they switch, and we'd rather have an experienced advisor on the other side of the table than not.
Confidentiality before financials
A mutual NDA is signed before any financial detail is shared. Your client's employees, customers, and competitors will not learn of a conversation from us.
A structured, transparent transaction
Independent quality of earnings, Canadian M&A counsel, a defined diligence timeline, and a 100-day transition plan shared before close. Your client will know what's happening and when.
Flexible on structure, clear on price
Share or asset purchase, seller notes, earn-outs, rollover equity, phased transitions: we adapt to your client's tax and estate objectives. On valuation, we show our work and we don't retrade.
Early is better than late
The best transitions start with a conversation one to three years before a decision. If a client is even beginning to think about succession, an early, no-commitment call helps them understand their options, whether or not those options include us.
Let's talk before you introduce anyone.
Tell us a little about your practice and the kinds of clients you serve. Taylor will set up a short call so you can form your own view. No client details needed at this stage.
Thank you. Your note is on its way.
Taylor reads every introduction personally and will reply within a few business days. If you don't hear back, email Taylor.Miller@dovetailgp.ca directly.