How we operate within the rules that govern business transactions in British Columbia.
What Legatis does, what it does not do, and how the regulated steps in a mandate are handled - activity by activity, with the licence each one sits under.
Three regimes govern the sale, financing and transfer of a business.
Each is administered by a different regulator, and each defines activities that may only be performed by a registered or licensed party.
The sale of shares of a corporation, a merger effected by share exchange, and any raise of equity or investment capital are trades in securities. A person in the business of trading in securities, including one compensated for arranging such trades, must be registered. Legatis is not registered and does not trade in securities.
Trading services in respect of real estate, including the sale or lease assignment of business premises as part of a business sale, may only be provided by a licensee. Legatis is not licensed and refers any real estate component of a transaction to one of its licensed brokerage partners.
Arranging loans secured by real property requires mortgage broker registration. Arranging unsecured or non-real-estate commercial loans from institutional lenders does not. Legatis arranges the latter only, and does not raise loan capital from private individuals.
Activity by activity.
| Activity | Performed by | Authority | Engagement with client |
|---|---|---|---|
| Strategic advisory, analysis, coaching, Gameplan, exit readiness | Legatis | Unregulated professional service | Legatis engagement agreement and Fee Letter |
| Commercial loan brokering with institutional lenders (not real-estate-secured) | Legatis | Outside securities and mortgage broker registration | Legatis engagement agreement and Fee Letter |
| Asset sale or purchase of a business with no real estate component | Legatis, with client counsel and accountants | Not a trade in securities; not a real estate service | Legatis engagement agreement and Fee Letter |
| Share sale, merger by share exchange, equity or investment raise | Our registered dealer partners | Registered exempt market dealer, BCSC | Dealer's own engagement; referral disclosed by Legatis |
| Sale, purchase or lease assignment of real property | Licensed brokerage partners | Licensed brokerage, BCFSA | Brokerage's own engagement; any referral fee disclosed |
| Loans secured by real property | Licensed mortgage broker | Registered under BC mortgage broker legislation | Broker's own engagement |
| Legal drafting, opinions, tax advice, valuations, audited statements | Counsel, CPAs, CBVs | Regulated professions | Each professional's own engagement |
| Holding client funds, deposits or securities | Never Legatis | Trust accounts of counsel, the dealer or the brokerage as applicable | Per the responsible professional |
How referrals to registered firms are handled.
Registered dealers are subject to specific requirements when they pay or receive referral fees. Our arrangements are designed to meet them.
Legatis does not act for both parties to a transaction without the informed, written consent of each. We disclose any relationship with a counterparty, lender or partner that could reasonably be seen to affect our advice. Where a conflict cannot be managed by disclosure, we decline or withdraw from the mandate.
Client information is held in confidence and used only for the purpose of the engagement. Non-disclosure agreements are signed with prospective buyers, targets and partners before confidential information is shared. Transaction data is maintained in a controlled data room with access logged.
Legatis collects, uses and discloses personal information in accordance with British Columbia's Personal Information Protection Act. Information is collected only as required for the engagement, retained only as long as necessary and never sold, never shared for marketing purposes, and shared with a lender or partner only with the client's consent. If you create a free account for the business plan, loan pack and net worth tools, what you save is stored in Canada and used to run the tools for you and, with your agreement, to suggest how Legatis could help your business; your personal net worth statement is not viewed by Legatis. You may ask for your account and everything in it to be deleted at any time. Requests concerning personal information may be directed to admin@lepstrategy.com. Our full Privacy Policy and Terms of Use set out the details.
Concerns about the conduct of Legatis may be raised directly with the managing partner at admin@lepstrategy.com and will be acknowledged within five business days. Concerns about a registered or licensed partner may also be raised with that firm and, where appropriate, with its regulator.
Nature of our services.
Legatis Executive Partners Inc. provides business advisory, coaching and commercial loan brokering services. Legatis is not registered under the Securities Act (British Columbia) or any other Canadian securities legislation, is not licensed under the Real Estate Services Act (British Columbia) and is not registered as a mortgage broker. Legatis is not a law firm, an accounting firm or a valuation firm.
Nothing on this website constitutes legal, tax, accounting, investment or valuation advice, or an offer or solicitation of any security. Clients should obtain independent professional advice appropriate to their circumstances. Descriptions of legislation and regulatory requirements are general summaries and may not reflect the most recent amendments or interpretations.
Examples on this website are illustrative and do not guarantee any outcome. The fees for each engagement are set out in its written Fee Letter.