The continuing retirement of baby-boomers is creating a serious need for successors in Quebec SMEs. Éric Dufour, Business Transfer Leader at Raymond Chabot Grant Thornton answered several questions as part of the Les Affaires February 2018 supplement on Business Transfers.
Eric noted: “Employees must be told about the major steps of the succession plan. It’s important to explain the new structure and philosophy and the strategic plan.”
Win-win transactions for transferors
The transfer could even be undertaken in several steps. Eric adds: “You can start by transferring responsibilities, then consider the next steps, such as a progressive shareholder change. This allows transferors to stay on and phase out their involvement, while going through the essential business grief period.”