70-some attendees discussed business succession

On November 22, business succession project partners welcomed the 70 attendees who came to share their views on the subject. Summary of the event.

Assignors and assignees meet to talk about business succession. A study carried out in 2015 by SADC Vallée-de-la-Gatineau showed that 33% of local entrepreneurs were planning to retire in 2015-2020. These findings, as well as other data about business succession, drove SADC, in partnership with Chambre de commerce de Maniwaki et Vallée-de-la-Gatineau, Emploi-Québec, Carrefour Jeunesse Emploi, Centre de Transfert d'Entreprises du Québec, MRC Vallée-de-la-Gatineau and Caisse populaire de la Haute-Gatineau, to organize half a day of activities on the subject on November 22.

Conference and training

Mr. Alain Tremblay from Raymond Chabot Grant Thornton first presented before the sixty-some attendees his conference entitled “Transférez à juste prix! Le défi de la valorisation de l'entreprise”. This conference set the stage for both workshops offered later by Centre de Transfert d'Entreprises du Québec (CTEQ); one was for business assignors, those who wish to retire, and the other one was for assignees, those who wish to take over a business via transfer or acquisition.

A panel of business assignors

At the end of the day, the 10 or so assignees and 25 assignors were invited to take part in a discussion, where a three-person panel came to speak about business disposal. The facilitator, Sébastien Plouffe, interviewed Mrs. Michelle Blais (retired from Équipements Maniwaki), Mr. Raynald Hamel (retired from R Hamel et fils) and Mr. Maurice St-Amour (in the process of retiring from Entreprises d'électricité Thibault). These people talked about their experiences with family succession, selling to outsiders and selling to employees. The three panelists ended their talks with recommendations for future assignors: planning one’s retirement well, beginning to think about it early on and consulting experts on the subject. The entirety of this panel’s discussions is available on the Facebook page of SADC Vallée-de-la-Gatineau. The evening ended with the presentation of a study guide for assignors, prepared by SADC Vallée-de-la-Gatineau and available from the organization, as well as a tool called “L'index” from CTEQ, which allows assignors and assignees to register to a common platform to facilitate networking between businesses for sale and potential buyers.

Points of view

Jo-Anne Beaucage from Sucrerie Beaubel, who took part in the activity, says that for her, taking part in this day, particularly the workshop for assignors, was a first step in the lengthy process of transferring her business. She couldn’t ask for more! This overview of all relevant aspects leading to a successful process was very helpful.

As for assignees, Francesca Joly, accountant, claims that even though she was already familiar with the theory and phases of business transfer, she appreciated the “human” side conveyed by the instructor. She also thoroughly appreciated the meetings, discussions and comments of other assignees.

Pierre Monette, general manager of SADC Vallée-de-la-Gatineau, stresses that this business succession awareness activity was a first in the region, but that more will follow. Business succession is an important subject, and we must support entrepreneurs from Vallée-de-la-Gatineau who have reached this important stage of their business or are approaching it, by offering accessible and relevant tools, as well as advice to go through this milestone properly. Moreover, all partners taking part in the process recognize the importance of addressing this subject, and Mr. Monette mentions that the project will go on with their cooperation.  

Conclusion

In total, 144 people registered in the various activities as part of this first event on succession. The 70-some attendees discussed succession, among other things, during talks between business assignors and future assignees. Networks were created, and business opportunities are on the horizon. Along with the satisfaction of attendees, these results prove that the event was a success.