Cameron Passmore Sold Half an $8 Billion Firm—Then Acquired 5 More Businesses

Knowing what kind of seller you are turns out to be one of the most important things you can figure out before you ever take a meeting with a potential acquirer. There are three: the transactional seller who wants the money and the door, the transitional seller who wants to land the plane, and the transformational seller who sells to go bigger.

Cameron Passmore built one of the largest independent wealth management firms in Canada, roughly 3,000 families and about $8 billion under management, and owned half of it. Most founders in that seat cash out and leave. Cameron sold to OneDigital at 60, and has no intention of going anywhere. He rolled 40% of the deal into equity, and now uses OneDigital’s capital, deal expertise, and acquisition currency to buy other firms. He has acquired five and roughly doubled the business in under two years. In this episode he explains why he sold to build rather than to leave, and how you discover how to:

• Tell which of the three sellers you actually are before you take a meeting with a potential acquirer
• Read a buyer’s real intentions from the structure of their offer, not its size
• Sell a quarter of your company to your own employees and make it worth more in the process
• Use vendor financing through payroll so junior people can buy in without a bank
• Spot the difference between a buyer who wants to invest in you and one who wants to absorb you
• Take two years to reach an LOI on purpose, hunting for the reason to walk away
• Turn an acquirer’s balance sheet and expertise into a growth engine instead of an exit

Show Notes & Links

Connect with Cameron on LinkedIn

Learn more about PWL Capital

Learn more about OneDigital

The Rational Reminder Podcast

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Definitions

Transformational Seller: A founder who sells not to exit but to access capital, expertise, and acquisition currency to build something bigger. Cameron Passmore is a prime example—he sold half his firm to OneDigital and used that platform to acquire five more businesses.

Roll Over Equity: When a seller reinvests a portion of their sale proceeds back into the acquiring company as equity. Cameron rolled 40% of his deal proceeds into OneDigital equity, aligning his interests with the acquirer and participating in future upside.

Vendor Financing: A seller-financed arrangement where the business owner provides financing to a buyer rather than requiring the buyer to obtain outside funding. In this episode, Cameron describes using payroll-based vendor financing to help junior employees buy equity stakes without needing a bank loan.

Letter of Intent (LOI): A non-binding document that outlines the key terms of a proposed acquisition before a formal purchase agreement is drafted. Cameron describes deliberately taking two years to reach an LOI—using the process to look for reasons to walk away.

About Our Guest

Co-CEO, PWL Capital & OneDigital Canada

Cameron Passmore is the Co-CEO of PWL Capital, one of Canada’s largest independent wealth management firms, overseeing approximately $8 billion in assets for roughly 3,000 families. After selling half the firm to OneDigital, he rolled 40% of his proceeds back into equity and has since led the acquisition of five additional businesses—roughly doubling the firm’s size in under two years. Cameron is also the co-host of the Rational Reminder Podcast.