18 Jan 2017
Chantal Bourgeois
Partner | CPA, CA | Assurance

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.

18 Jan 2017  |  Written by :

Ms. Bourgeois is a partner at RCGT. She is your expert in assurance for the Saint-Hyacinthe office....

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