Thesis · 2026

The grey tsunami is here.

Why the next great opportunity in North American business is hiding in plain sight, and why so few will close it.

76%
Canadian owners exiting within ten years
91%
With no formal succession plan
$2T
Canadian assets in play
6M
US ownership transitions by 2035

Tens of thousands of profitable businesses are owned by founders heading into retirement. The obvious problem is succession. The less obvious one is that the financing market that should be funding these transitions has quietly broken down — willing seller, willing buyer, no deal. Most of this wave will end with the business winding down rather than changing hands. That's the actual opportunity.

Read the full thesis →

If you're thinking about succession, building toward ownership, or just as interested in this shift, I'd genuinely enjoy a conversation.

Connect →