18 Jan 2017

Raymond Chabot Grant Thornton is proud to be associated with the Ministère de l’Économie, de la Science et de l’Innovation (MESI) and its partners to promote the new co-operative buyouts support program.

The lack of entrepreneurial successors has led to the introduction of this program to support co-operative buyouts of businesses by providing financial assistance of up to $1M over four years.

Co-operative buyouts are a collective solution to the entrepreneurial succession issue. According to Éric Dufour, Regional Vice-President and National Business Succession Leader, “This is a vital program in many respects, since it will provide a means to raise entrepreneur awareness, inform them and support their business success plan, an essential tool for an efficient business transfer. Since 2003, my teams and I have noted a major paradigm shift during a business transfer to the next generation. Human considerations are now more important than financial ones and we have to adapt. Additionally, we are seeing more and more groups taking over a business in order to share the organization’s responsibilities. The co-operative buyouts program helps meet this challenge.”

As a member of the MESI’s Repreneurs collectifs working group, Raymond Chabot Grant Thornton partner, Chantal Bourgeois, participated in the discussions that led to the program’s creation. She explains that “creating co-operatives as a means to ensure the longevity of Quebec businesses provides numerous benefits, including employee engagement, a management model tailored to the new generations and participation in the social economy. This is why we believe this is a practicable option.”

The program is administered by the Centre de transfert d’entreprise du Québec. It includes a funding envelope of $1M over four years. Qualifying businesses can receive assistance of up to $15,500 to cover between 70% and 80% of eligible expenses for the following activities:

Phase 1: Feasibility study

  1. Assessing an employee group’s investment potential
  2. Evaluating the organizational culture

Phase 2: Implementation support

  1. Estimating the business’s value and its purchase price
  2. Undertaking the due diligence process
  3. Entering into a shareholder agreement or sale contract

An information tour has been organized around the province to introduce the program at the following locations and dates:

  • Capitale-Nationale, January 24, 2017
  • Centre-du-Québec, January 25, 2017
  • Estrie, January 26, 2017
  • Bas-Saint-Laurent, January 31, 2017
  • Lanaudière, February 7, 2017
  • Chaudière-Appalaches, February 9, 2017
  • Montréal, February 15, 2017
  • Montérégie, February 16, 2017
  • Laval, February 17, 2017
  • Mauricie, February 23, 2017
  • Outaouais, March 1, 2017
  • Côte-Nord, March 8, 2017
  • Saguenay−Lac-Saint-Jean, March 14, 2017
  • Laurentides, March 16, 2017
  • Nord-du-Québec, March 21, 2017
  • Abitibi-Témiscamingue, March 23, 2017
  • Gaspésie−Îles-de-la-Madeleine, April 11, 2017

You can register for the sessions on the MESI’s internet site. Our professionals will be in attendance to meet with you and answer any questions.

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16 Jan 2017

Éric Dufour, Vice-President of Raymond Chabot Grant Thornton’s Saguenay–Lac-Saint-Jean / Chibougamau / Côte-Nord region and National Business Transfer Leader, shares his concerns regarding the business succession process. Family business transfers have evolved and now involve factors never dreamed about before.

Read the article published in the December-January edition of Magazine MCI.

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13 Jan 2017

In a TVA Nouvelles article discussing the increase in the number of home foreclosures in 2016 compared to the previous year, Éric Lebel, Raymond Chabot Grant Thornton Partner-Trustee and Financial Recovery Advisor, explains how foreclosing homes has become a last resort for banking institutions.

For more information, read the article published on the TVA Nouvelles website on January 10, 2017.

 

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11 Jan 2017

During the month of November 2016, Financial Turnaround Lead Senior Manager and Trustee Pier-Paul Belzil-Lacasse, of the Raymond Chabot Grant Thornton subsidiary, Raymond Chabot, provided advice to individuals in a series of interviews on Radio-Canada as part of financial literacy month. Pier-Paul gave no less than eight interviews and also served as spokesperson for the Ordre des comptables professionnels agréés du Québec Regional Group on Radio-Canada television and radio in Abitibi-Témiscamingue. The interviews were centred on four major themes:

  • Retirement: TV (on Facebook) and radio
  • Financial difficulties: TV (on Facebook) and radio
  • Budget management: TV (on Facebook) and radio
  • Sound financial management: TV (on Facebook) and radio

Congratulations on these initiatives that showcased, yet again, the firm’s noteworthy contribution to supporting local individuals and businesses!