On October 16, 2025, Winnipeg hosted the Business Transitions Forum, a dynamic gathering of entrepreneurs, advisors, and investors focused on growth, succession, and the evolving landscape of business ownership. Among the attendees was Chad Friesen, CEO of Friesens Corporation, who returned with valuable insights for both Friesens and its sister company, Tallgrass.
Friesen described the forum as “a really good opportunity for us to connect with people who are thinking about business succession.” In a province where such conversations are often fragmented, the Forum offered a rare chance to bring together sellers, buyers, and advisors under one roof. For companies like Tallgrass, which are actively exploring employee ownership models, this kind of exposure is invaluable.
One of the central themes of the conference was building a business that buyers want. Friesen emphasized the importance of leadership continuity, especially in employee-owned organizations. “It’s even more important in an Employee Ownership Trust to have a solid management team in place,” he noted. Unlike private equity acquisitions, where new leadership may be installed, employee ownership relies on existing teams to carry the business forward.
For Friesen, the Forum reinforced the value of proactive leadership development. “If we thought about those fundamentals, they are still good things that make for a better business,” Friesen reflected. Even without plans to sell, acting like someone is assessing your value can drive better decisions and long-term sustainability. A few important lessons some owners have learned is that every business is unique, every sale is unique and the path to success will vary each time but remember this key advice: “Control what you can control – when you are going through this process …which is getting good people around you, write out what your plan is, and then stick to your plan. Don’t act rashly, over-react or act too quickly when an opportunity lands in front of you because you may end up selling too soon to the wrong person for the wrong value or you might end up buying the wrong thing at the wrong time from the wrong person.”
The economic outlook was another hot topic. While Friesen acknowledged that “the economic situation has stalled a lot of transactions,” he also noted a growing sense of optimism among attendees. Businesses with exposure to the U.S. market are feeling the pressure, as increased risk can lower valuations. Yet, the appetite for deals remains—many are simply waiting for more certainty before making their move.
A particularly relevant panel for Tallgrass was “Cash Out or Partner Up,” which explored liquidity strategies and the role of senior management in ownership transitions. Friesen challenged the misconception that Employee Ownership Trusts are prohibitively expensive. He explains, “In many circumstances, the owner is asked to take on risk or carry some of the debt in the deal. This is not unique to EOTs; it’s a common expectation across various buyer types.”
Despite the growing interest in employee engagement, Friesen observed a lack of emphasis on true employee ownership. “There’s a lot more focus on maximizing financial return on a sale,” he said, “but very little emphasis on actual employee ownership trusts.” He continues to advocate for broader recognition of employee ownership as a viable and impactful succession strategy.
Ultimately, Friesen left the Forum feeling privileged to share the Friesens and Tallgrass story. “People love the concept, and they love the story,” he said. “That helps make us a really good champion for employee ownership.” As the conversation around succession planning evolves, Friesen continues to lead with purpose, advocating for models that prioritize people, legacy, and long-term impact.