Ten years after he first started Dealer Solutions Mergers and Acquisitions, Farid Ahmad can’t believe how much the company has grown and what he’s learned along the way.
“When I started DSMA, it was just me in a 10 by 10 rented office room, and here we are 10 years later, 52 employees as a team, adding another 15 next year,” he said. “We had our greatest year ever this year—up 118% in revenue from last year—and were voted one of the fastest growing companies in Canada in 2020 and 2022 by the Globe and Mail. I knew it would do well, but not this stratosphere.”
Ahmad had a celebration this week to commemorate the anniversary.
Ahmad said DSMA is the largest business of its kind in North America in terms of volume of transactions. He attributed that to increased presence in the U.S., reputation, referrals and good timing. Many dealers were nearing retirement and the valuation of their business was exceptionally high—similar to people selling homes.
“The offers were too good and they were smart enough to know this good time is not going to last forever,” he said.
Ahmad posted on LinkedIn how tough and stressful it can be to run a business and the pitfalls owners can encounter. He encouraged anyone struggling with a growth issue to reach out to him. He received 11 calls, two of which are not in the automotive space.
“I was surprised because I know how up-and-down owning your own business can be and sometimes how lonely that can be and I was also surprised how many people came forward and told me their stories,” he said. “It was nice to know you’re not the only one in that predicament from time to time.”
He mentioned four things to help grow a business.
“Number one, you can’t be everything to everybody,” he said. “You’re never going to satisfy every client’s needs. Number two, understand your sandbox. What business are you in? Be a student of that business and know it inside out. Number three, it’s not personal, it’s business. Number four, if you don’t have business acumen, hire someone. Some people try to wear all the hats—they want to be the CEO, their own bookkeeper, their own sales manager. If you are going to grow and have a great idea, trust in it and take some risks like I did.”
