When entrepreneurs are prepared to make a pivotal decision, such as the sale or acquisition of a business or a shareholder buy out, they require appropriate expert guidance.

This is where Simon Marcotte Légaré, Senior Director, M&A and Corporate Financing Advisor, comes in.

How could we summarize your specialization?

The work of an M&A and corporate financing advisor consists in guiding entrepreneurs when they’re planning on selling their business, decide to acquire another business or require capital to finance major projects, such as a shareholder buy out or significant capital expenditures in connection with expansions. The businesses we work with are from various industries and typically generate revenues of more than $30 million.

Can you tell us about a typical day?

Our work is very diversified. I couldn’t really tell you about a typical day, but in a typical week, there could be several tasks such as:

• Numerous work sessions with colleagues and our clients to gather information about the business and its financial situation;
• Preparing financial models and drafting marketing documents used to pitch potential clients or approach targeted buyers or financial partners;
• Meetings with these potential clients or partners (buyers, investors, banks, etc.);
• Reviewing and negotiating legal documents such as the letters of intent, share purchase agreements or credit agreements;
• Participating in various business development meetings and activities.

Transaction processes usually last about three to four months for a financing mandate and nine to twelve months for the sale of a business.

Is the demand for this profession on the rise?

Yes, it is on the rise. The economic context of recent years has been favourable: private equity funds raising of billions of dollars to invest in private companies, great availability of funds on favourable terms with banks and high stock market valuations.

Furthermore, many entrepreneurs are reaching retirement age and want to sell their businesses.

The economic headwinds we are facing will enhance our involvement in accompanying entrepreneurs to ensure a successful transaction.

What do you most like about your work? What are some challenges?

I chose this profession because I’m passionate about this field. We touch on advanced finance concepts as well as corporate strategy. It requires the comprehension and application of advanced finance concepts as well as corporate strategy.

It’s also very rewarding to guide entrepreneurs through these crucial moments of their professional life, like buying a growing business, a shareholder buy out or selling a family business upon retirement.

As for challenges, I would have to say that each transaction has its challenges. We need to prevent more difficult situations and find creative solutions when they occur. These challenges can vary from financial performance during the transaction process, a communication issue between the client and potential financial partners, risk elements identified during the due diligence review, legal issues when negotiating the transaction’s terms and conditions, macro-economic conditions etc. We must be prepared for several contingencies and be solution oriented.

Do you work with other experts?

In our profession, we essentially play the role of quarterback of the transactional process. We have to ensure that everything runs smoothly at every stage, that instructions and objectives are properly communicated between all parties and that the interventions of the several professionals involved are well managed. This includes the client’s audit team, each party’s tax specialists and legal advisors as well as the due diligence teams.

What skills are needed to carry out this specialization?

Essentially, it requires knowledge of corporate finance and accounting, as well as an understanding of the business world and corporate strategy. The studies that lead to this profession are generally a bachelor’s degree in finance, accounting or business administration.

Afterwards, there are several specializations to choose from: chartered financial analyst (CFA), chartered accountant (CA), business valuator (CBV) or an MBA. Obviously, these specializations can be useful, but they are not a prerequisite for becoming a successful M&A Advisor. Strong communication and negotiating skills are also very helpful working in this field.

Do you have advice for people who would like to be an M&A Advisor like yourself?

The technical aspect is important in this profession, but we must not forget the human side, which is essential for building relationships of trust with our clients and with the various parties involved in a transaction. In ordre to succeed, you must be passionate, persevering, a good listener, a team player, a problem solver, and have the ability to learn quickly and the desire to make a difference.

Can you describe the working atmosphere at Raymond Chabot Grant Thornton?

The values I just mentioned are also important for the firm and our team. Support and mutual help are an important part of our success. The well-being and development of our employees is paramount. We enjoy an environment where newcomers can quickly advance in their careers. Teamwork is based on collaboration. And we put all our knowledge and expertise at the service of our clients.

Managing money is essential for entrepreneurs. An expert guides them toward the best solution to maintain liquidities and optimize profitability.

Jean-Michel Parizeau, Practice Vice-President within the firm, is part of the largest specialized treasury team in Canada and explains his contribution to organizations.

How would you describe your work?

We help clients improve their cash flow procedures, so our work relates to cash forecasting and payments. We provide visibility and predictability in terms of cash inflows and outflows. It’s very different from one industry to another.

We also help clients manage fraud prevention, financial risk, foreign exchange and interest rates, and bank reconciliation.

Our team works with state-of-the-art technology solutions for large corporations and SMEs, and we negotiated partnerships for customized solutions. We can therefore guide our clients in the implementation of a solution that gives them more control over their finances and provides them with additional leverage in their relations with suppliers and banking institutions.

What is a typical day?

We interact with a variety of clients: banks, insurance providers, large corporations and SMEs. In a single day, we can answer a wide variety of questions. Generally, we work on six or seven files in parallel with clients, so the days fly by.

Sometimes, for larger assignments, certain teams devote themselves to a particular client for a period of time, which is also very enjoyable.

How has the interest in your services evolved over time?

Our job has always been to optimize cash management, but now technology is increasingly being used to reduce the number of manual tasks and make processes more efficient. The work of finance professionals has become increasingly interesting over time.

In a context of full employment, companies are looking for efficiency and new options offered by technology. Why connect to four banking platforms and download information manually when one technological solution can provide this information in real time, wherever you are in the world? They seek our expertise therefore to help them evolve.

What training is required to exercise your profession?

Usually, it takes a bachelor’s or master’s degree in finance. Technological knowledge is also important, because we adapt solutions to each client’s situation and specific features. The needs differ from one industry to another and from one organization to the next.

What personal qualities are required more on a daily basis?

I value attitude, that is, the desire to work as a team and deliver quality to our clients as well as the desire to develop expertise. There is a wide range of possible niches and, here, we like to plan a development path for each team member.

What are your greatest challenges?

We have a significant number of clients and the tasks can build up, so sometimes you need to know how to say no and, above all, to learn how to ask for help at the right time.

Also, since cash flow is vital for companies, our clients expect us to be focused on their problems, so we have to be able to live with a certain amount of pressure, while still finding it acceptable.

What do you like most about your work?

The diversity of the assignments and the team. I thrive on the relationships with my colleagues. I have 25 years of experience in treasury and I don’t have the solution to everything; I’m not a specialist in every sector. You need to work as a team to find what works best. I like that aspect. When we find optimal solutions that meet the client’s needs, that’s our greatest satisfaction.

What advice would you give to someone interested in doing this job?

It’s an industry that offers a lot of learning opportunities, so I think you have to have an open mind and be motivated. You have to cultivate patience and humility, because there’s still a lot to learn after university. You also have to be focused on providing quality to your clients at all times.

Regardless of their activity sector, businesses are never sheltered from financial difficulties. When clients are struggling, Elise Lachance, Assistant Manager in Raymond Chabot Grant Thornton’s Recovery & Reorganization Group, steps in to help them navigate these rough seas.

What is your path?

I completed a Bachelor of Business Administration in Accounting, then continued my studies and obtained a Graduate Diploma in Accounting. I am currently a candidate for the CPA profession. I have been working in business recovery and reorganization at Raymond Chabot Grant Thornton since 2020. I did my internship here and I haven’t left since!

How could we describe your specialization?

When a company is experiencing financial difficulties, it comes to us. Our primary objective is to help it become profitable again. This can be done in different ways, depending on the company’s particular situation, its level of debt and availability of liquid assets. If, after analysis or following the implementation of a certain number of measures, it appears that the company’s recovery is not possible without applying the Bankruptcy and Insolvency Act (BIA), we need to resort to the BIA’s provisions that allow for restructuring, such as a consumer proposal or bankruptcy.

Can you tell us about a typical assignment?

We first assess the company’s ability to meet its short-term financial obligations and perform a financial diagnosis to determine the source of the problems. Each company’s circumstances are unique and there are several possible recovery measures, including finding new sources of financing or restructuring the company’s operations or finances.

We then develop an action plan with the company and follow up on the measures implemented to ensure that they are working. We also handle communications with creditors.

In cases where this does not work, sometimes we can issue a notice of intention while filing a consumer proposal.

Of course, we accompany the organization every step of the way, regardless of the solution chosen. We work in collaboration with lawyers, bankers, accountants, appraisers and tax specialists.

What do you most like about your work?

What I really like is that we are really involved in the relationship with clients from the start. I also like the fact that we work as a complementary team. Everyone has an essential place and a role to play.

Another thing I like is that the work is not routine. Even though the basic premise is the same, every case is different. We are always learning new things about our work or about a new industry that has specific rules, for example.

By helping companies with problems, we gain knowledge and experience that allow us to identify these problems more quickly and, in some cases, to intervene upstream.

What skills do you need to carry out this profession?

My colleagues often compare us to firefighters, because our goal is to put out fires. You have to be able to keep your cool! We also need good communication skills, as we are in close contact with many stakeholders. We have to be sympathetic and at the same time be as objective as possible.

It also requires a considerable adaptability, given the diversity of the companies. Curiosity is also essential, because we must never take the accuracy and completeness of the information provided for granted. We always seek to corroborate information, to ensure that it has been transmitted to us in its entirety and that nothing has been hidden from us, intentionally or not. This is what allows us to make the best decisions for the company.

Why did you choose Raymond Chabot Grant Thornton?

It is one of the best firms to practice this profession! Raymond Chabot Grant Thornton is a network of partners throughout Quebec who share their knowledge. We are well supported and our team is tightly knit. We work on serious matters, but we enjoy doing it. This is one of the team’s values and, for me, it’s important.