To enter: contestants must submit a letter (maximum 400 words) outlining what it would mean to them/their family to own their own business, particularly a bakery/deli
Timeline: contest to launch January 1, 2020 and run until June 30, 2020 or until the minimum number of entrants have been received (minimum entries is 2000).
Each entry must be accompanied by a $500 entry fee.
Fees will be held until a winner is selected
In the event that the minimum entries are not received in a maximum 12 month period the contest will be closed and all entry fees will be mailed or e-transferred to the address provided by the entrant less postage and/or banking fees that may apply.
Entry fees are not refundable unless the contest is cancelled.
Why have we selected this method of “selling” our business?
We believe that being able to take over a profitable, viable business without taking on a crushing debt load gives the next owners their best chance of success.
We are ready to shift gears, and following the traditional sales method could take years to complete.
This contest gives us the best opportunity to manage the timeline for change.
This contest affords us the opportunity to realize a suitable return on our investment.
What do you get for submitting the best letter?
Ownership of Erwin’s Fine Baking & Delicatessen Ltd. Including all inventory at the time of transfer (inventory value ranges from $20,000 - $28,500.00), all equipment (value is approximately $150,000), well known name and outstanding reputation (goodwill valued at $150,000), all existing recipes (some dating back almost 50 years), all procedures manuals, 2 weeks of hands on training as well as access to prior owners for 30 days from date of transfer.
At the time of transfer of ownership all existing loans will be paid out, leaving the new owners with just the balance of the Subtenants Improvement costs (value of Subtenant Improvements is $105,000.00; being paid back at a rate of $1450/month until March 31, 2022 with an estimated balance of $18,000.00 owing which is to be negotiated at time of sublease renewal).
If you win.
Ownership of Erwin’s Fine Baking & Delicatessen will be transferred to you as an asset sale within 45 days of you being informed of winning.
You will need to: have cash (between $10,000-$15,000) available for continued operation of business
; open a business banking account
; have a credit card(s) available for purchasing (suggested credit limit no less than $20,000.00)
; be onsite at Erwin’s Fine Baking & Delicatessen on the day of transfer in order for the 2 week period of on hand training to commence.
; a van or pickup truck (we’ve found van better)
Should any of these criteria not be met, then you forfeit your winning, which will then be awarded to the next runner up.
Contest Rules; Terms and Conditions
Entry fee $500 Canadian; Enclose with your letter a Canadian bank cheque, money order or bank draft and mail to Erwin’s Contest 419C Mt Paul Way, Kamloops BC V2H 1A7. If you are submitting by e-mail then submit Entry Fee via Interact E-Transfer to firstname.lastname@example.org. Note: e-mailed entries will not be considered until the Entry Fee has been received and processed.
Your letter; submit your letter (maximum 400 words) in the format that you prefer. It should contain information about you and why you should win this contest. Entries must be mailed or e-mailed to the addresses listed above. Please ensure that you provide your legal name and address for contact in the event that you are the winner, or for your entry fee to be returned (see Notices regarding fee returns) in the event of contest cancellation.
Choosing a winner; 20 finalists will be selected and their letters will be reviewed by an independent panel of judges, who will determine the winner along with 3 runners up. In the event that the winner is unable to take ownership of the business, it will be awarded to the 1st runner up.
The winner will be contacted and announced within 15 days of contest close.
Contest Duration; is 6 (six) months with the possibility of extension to a maximum of 12 (twelve) months. Should the minimum number of entries (2000) not be reached by 12 months the contest will be cancelled and entry fees will be mailed or e-transferred to the address provided by the entrant less postage and banking fees that may apply.
Cancellation: The contest will be cancelled in the event of too few entries, if the business is sold, owners become deceased or other force majeure.
Refunds: In the event of contest cancellation, refunds will be mailed or e-transferred to the address provided by the entrant, less any postage and/or bank fees that may apply.
Not a lottery; this contest is not a lottery as it is not a random draw and is not covered by BCLC regulations.
Not a promotion; As per the Competition Bureau of Canada, this contest is not promoting any organization.
Taxation; please research the tax laws of your native country to determine any tax ramifications resulting from winning the contest before submitting your entry.
Immigration: please research Canadian Immigration laws to determine if you would be eligible to move to Canada should you win prior to submitting your entry.
One entry: per person or household. All applicants must be 19 years of age or older.
Entry Fee: Do not send more than the $500 entry fee
No Family; No entries will be allowed from any family members of either Shawn or Robyn Haley