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Generational Challenges Impeding Business Transfers

The Le Devoir newspaper recently published an interesting article on business transfers that refers to our firm’s expertise in the matter.

Reporter Gérard Bérubé writes that, in the coming years, there will be a significant increase in the number of business transfers. However, many of the them could be doomed to failure because they neglect to take into consideration one crucial component: the generational gap between buyers and sellers.

Most businesses will be transferred to a family member, employee or manager or a third party who, generally, is younger than the seller.

According to our firm and our National Business Transfer Leader and Regional Vice-President: “People often forget to consider the difference in values, ways of doing things and sometimes diverging interests between generations: it’s a key issue, because there is a wide generational gap between Quebeckers born before 1965 and those born after.”

The former have a more Cartesian vision, while the latter consider work in terms of their contribution to the business rather than the number of hours worked.

Our firm goes on to say in the article: “Gen Xers and Gen Yers are not intimidated by authority, unlike their elders. They’ve been used to working in teams right from a young age, they therefore prefer a collective management and decision-making approach. In fact, it’s been noted that on average, three people take over from one seller.”

To plan your succession and efficiently and successfully pass on the torch, consult our management consulting experts. They can guide you through each step of the transfer planning and process.

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