Michael Stanson's biography

• At 24 years old, I bought an existing franchised restaurant in Kitchener with $250,000 in annual sales.
• At the end of year one, I asked my chartered accountant how to improve my bottom line. The CA replied, "I rarely see a first year of operations in the black, like yours is." The CA handed me a bill for $4,000.
• I paid the bill and – fired the CA.
• I interviewed other CA firms until I found a CA who would present me with 7 restaurant statements with their names removed for privacy.
• I used the profitable restaurants statements as a guide to increase profitability.
• I increased sales to $750,000 in less than 3 years by differentiating my restaurant from the competition by opening 24 hours a day.
• Feeling that the franchisor was not providing value for the franchise royalties – I stopped paying the franchisor.
• I by-passed Kitchener law firms, opting to consult with a large Toronto law firm, seeking the expertise of the law firm today known as Stikeman Elliot LLP.
• Stikeman Elliot quickly negotiated my restaurant's exit from the franchise agreement – without penalty or the requirement paying back 2 years of franchise royalties I withheld. My choice in opting for talented expertise paid off.
• I bought into another restaurant and a Motor Hotel.
• Feeling the need to change industries after 5 years of operating in the hospitality industry, I sold my interest in all the food service operations.
• I joined a distribution company.
• 6 years later, the U.S. headquartered Distribution Company decided to leave Canada, due to the plummeting Canadian currency.
• Offered an opportunity to buy 50 per cent of a sister Michigan Distribution Company with annual revenues of $2,000,000, I obtained a green card and went to work in Michigan.
• With my Michigan partner, we grew the business to $13,000,000 annually.
• When I bought into the company, my partner applied for life insurance coverage to fund our buy / sell agreement. The life insurance company did not approve my partner for coverage. I did not think this was crucial at the time.
• One day a voice on the phoned said, "David died." He was my partner and only 55.
• I had to sell the business to meet his widow's demands.
• Returning to Canada, I joined a large Canadian insurer to make sure my story did not become another business owner's story.
• Frustrated by the lack of concern for risk avoidance practised by business owners, but noting that a business owner was ready to discuss methods I employed to improve my bottom line in my various business ventures; I opened a consultancy practice.
• As a sole proprietor, thoughtful business owners and manager can obtain a review of their business from an experienced senior executive– who they could not afford to hire full time, but can obtain improved profitability by retaining me in a cost effective advisory relationship.