What lessons did one retired entrepreneur learn from selling her family business?

After nearly two decades leading Southwest Doors and Hardware in London, Ontario, Chantal Hampson reflects on a journey defined by family legacy, grit and smart succession planning. A featured speaker in the "Through the Buyer's Lens" session at Toronto's Business Transitions Forum, she shared candid insights into transitioning out of a family-run enterprise.

The family legacy — founded in 1987 by Chantal's father, who told his daughters he had nothing to leave them and so went into business for himself, Southwest Doors and Hardware grew from humble beginnings into a respected name in commercial doors and hardware. Chantal first pursued a marketing career in Toronto before returning to London at 30 for family and stability — "nineteen years later, that's where I'm at." With her husband Chris, a partner from 2004, she formally bought the business from her father in 2018.

The sale — in 2024 they sold the business in a competitive auction that yielded seven offers. Selling was never part of the original plan, but a private equity firm's approach planted the idea. After a year of preparation they took the business to auction twice; the second round drew more offers and a higher valuation, including from the original bidder whose team had since split into competing buyers.

What worked

- Knowing their buyer — with long-time staff ready to lead, they sought a hands-off investor to support the team rather than run the business
- Financial due diligence — completing a Quality of Earnings report ahead of time cost money upfront but boosted their valuation by about 30% and showed buyers they were serious, ready and had nothing to hide

Life after — now retired, Chantal still consults through the company's earn-out structure while enjoying more personal freedom. Her advice: don't wait for the "perfect" time; once you start imagining life outside the business, it's time to get moving — it's a long road, so start early, know your numbers and understand the right buyer for you.

Key facts: lessons from selling a family business

Southwest Doors and Hardware (London, ON), founded 1987, bought from her father in 2018, sold in 2024
A two-round competitive auction drew seven offers and a higher second-round valuation
A pre-sale Quality of Earnings report lifted valuation by about 30%
Key lessons: know your buyer, prepare financials early, and start before the "perfect" time

Disclaimer: This article is for general informational purposes only and does not constitute legal, tax or financial advice. Consult qualified advisors regarding your specific circumstances.