Planning a business’s transfer is a key step. According to Éric Dufour, Regional Vice-President and National Leader of Business Succession, “It’s important that the process be carried out under a well-thought out succession plan over five to eight years.” Managing a business is often presented as an attractive project, but you need to know what the challenges are and make sure that the person taking over the business has the right profile and knows how to get support from the right people.
Advice for Sellers
Surprisingly, 90% of entrepreneurs who are about to transfer their business don’t have a transfer plan! Such a plan is essential and should be based on five key components, such as the successors, financing, strategic planning, etc.
For more information on business transfers, read the article published in Le Soleil on May 12, 2017, Conseils de Raymond Chabot Grant Thornton and the National Bank website blog Reprendre l’entreprise de ses parents, un défi possible à relever.