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Business ownership transfers can’t be rushed

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Are you planning to transfer your business to a promising successor? Take the time to do it right, step by step, with a structured and integrated approach.

Quebec’s economy relies on a large number of SMEs. The numbers say it all: Quebec is home to nearly 240,000 businesses with less than 99 employees and another 4,300 with 100 to 499 employees. Combined, these companies account for more than 87% of all jobs in the province.

The pandemic has had serious repercussions on the economy. Uncertainty and anxiety have cast a shadow over many businesses. For a lot of entrepreneurs, the health crisis has prompted hard questions on both professional and personal matters. Work-life balance, personal success, relationships, health and wellbeing have emerged as important values.

Not to mention the fact that 35% of Quebec entrepreneurs are 55 or over, and the average business owner is 49. At this stage of a person’s working years, it’s only natural to start thinking about what comes next.

Successfully transferring a business takes time—and a plan

It’s important to take a structured and integrated approach to the entire transition process. Economic statistics show that business ownership changes fail 70% of the time in Quebec and across Canada. Moreover, just 10% of business owners have a successor in mind.

An entrepreneurial succession professional can help you make the right decisions. Their role is to anticipate potential problems, facilitate communication between all parties and help stakeholders make smart business decisions.

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