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As I See It continued from page 5 Understand the difference between a Share PurchaseAgreement and an Asset SaleA Share Purchase Agreement means your licensecan be transferred. An Asset Sale results in license termination.Since these two approaches are very different,work with your TEAM to become knowledgeableabout the impact of each upon things like capitalgains, change of control application, operating approvals,and retiring allowances. Make your lease as attractive as possibleProspective buyers tend to ask about the leaseterms, conditions and costs shortly after saying “hello,”so part of the preparation phase of the sale is to ensurethat your lease is as attractive as it can be. Your leaserate or future arrangement must be acceptable and atleast one five-year option must be included. Two suchoptions are preferable. If negotiations with the landlordare indicated, do so before an offer is received.MarketingAsk your agent to describe his or her proposedmarketing program for your centre and ask to viewany promotional material before it is put to use.Remember, a stealth marketing campaign may beessential, as it is usually best not to reveal to staffand clients that the centre is for sale. Since thisrules out mentioning the centre’s name or specificlocation in print or digital media, your agent willneed to use a personal and direct approach afterusing fairly generic marketing appeals to generateenquiries from potential buyers. Specific informationabout the centre should only be revealed afterhe or she receives an executed ConfidentialityAgreement.Also, be careful about how you and your agentschedule inspections by potential buyers. Typically, theywill need to take place in the evenings or on weekends.Just be sure cleaning staff is not present.Ask that your agent provide regular updates, butbe prepared for a cycle lasting one year.Due DiligenceOnce you have accepted a Buyer’s ConditionalOffer, you may be confronted with a lengthy list ofitems the Buyer wishes to see before waiving conditionsand making the offer firm and unconditional.This list may include things like T4 Summaries,enrolment data, wage and child subsidy information,contracts, purchase of service agreements, articlesof incorporation, etc. This portfolio of informationshould have been prepared with the helpof your TEAM during the marketing phase of thesales process.At this point, you should also be prepared for informationleaks, as parents and/or staff members mayhave heard rumours of an impending sale. Have yourresponse ready and in writing well in advance of whenyou need it.TransitionYou have sold your centre and staff and parentsknow about it. Throw a party and invite everyone involved.Introduce the new owners. Send out your introductorynotice listing the new owners’ achievementsand plans for the centre. Inform staff and parents themof your plans to be available to consult with the newowners for the next six months. Do everything you canto help the new owners be successful. If you have extendedVendor financing, they may need this moralsupport to repay you!Real estate broker Ernest Kockeritz has successfully representedmany for-profit centres operating in leased premises in theGTA. He describes the process as the most demanding, complexand rewarding of any of the types of assets he has marketed.He may be contacted at: Ernie.Kockeritz@dtzbarnicke.com.6 ChildcareTODAY • SUMMER/BACK TO SCHOOL 2012
Ontario’s Childcare IndustryGovernmentpolicy watchBy: Greg Humphreys, Chair,.ADCO Government Relations CommitteeADCO Members Respond toGovernment Discussion Paper onChild Care ModernizationOver the summer, the Province issued a discussionpaper on Child Care Modernization andasked stakeholders to respond to 23 questionsspanning five areas of child care policy: the operatingfunding formula; capital funding priorities; qualityprograms; modernized legislative and regulatoryframework; support for accountability and capacitybuilding. ADCO immediately circulated this paper toits members and asked for their input. ADCO’s governmentrelations committee then developed broadbasedanswers to the 23 questions and asked membersto agree or disagree and weigh in with their commentson each, prior to submitting its final response to theProvince.While ADCO members generally agreed that thefive areas raised by the Province for discussion arethe right ones, there were four additional themesthat emerged as a result of the ADCO member consultation: the need for more avenues of parental input; a greater focus on expanding access to licensed childcare services; a more constructive and accessible approach to licensingand inspection; and formal mechanisms to ensure a level playing fieldfor all licensed child care providers.“When you have one Ministry that now ownssuch a large portion of the province’s child care infrastructureand is also responsible for regulating,funding and setting policy for the rest of it, you needa much higher level of transparency than currentlyexists in Provincial child care policy and administration,”commented one survey respondent. “Thereneed to be formal mechanisms introduced to helpparents to report their concerns and protect theirability to change child care providers as they see fit,without fear that their fee-subsidy eligibility will bein jeopardy,” wrote another.Some members also raised concerns aboutthe rapid expansion of the unlicensed and informalsector, indicating that a more accessible andstreamlined licensing process may allow more newoperators to enter the licensed sector, helping to addresschild care shortages in high-growth areas. Inthe last year, ADCO has seen an unprecedented risein the number of enquiries from informal providerslooking for professional development supportand quality enhancement advice, who have no intentionof ever being licensed simply because theyperceive the cost and time barriers to licensing asinsurmountable.ADCO members also indicated a strong interest ina more constructive approach to inspections, wherebyDNA requirements are stated more clearly and programadvisors are trained to use a coaching approach to helpoperators achieve compliance.Most survey respondents expressed concern overthe politicization of child care licensing issues andwhat they consider to be “profiling” of commercialoperators. In its follow-up correspondence to theProvince, ADCO has called for the modernizationof child care to include clear avenues of redress foroperators who feel they have been victimized thisway by Ministry staff, or their local CMSM/DSSABor school board. ADCO also urged the Province torecognize formally that exemplary and less thanexemplary providers exist in all sectors, noting thatto make assumptions based on auspice puts all childrenat risk.Small, community-based non-profitprograms face uncertain futureOn July 10, Deputy Minister of Education JimGrieve issued a memo introducing the Ministry's intentionto pursue a schools-first capital retrofit policy.Part of the stated intent of the policy is to createPolicy Watch continued on next pageSUMMER/BACK TO SCHOOL 2012 • ChildcareTODAY 7
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