Partner | CPA, CA, CIRP, LIT | Recovery and reorganization
A recent article in the Journal de Québec on the personal finances of new Family Minister, Mathieu Lacombe, has caused a lot of reaction.
While the article included several details, basically, because of a family situation, he accrued considerable debt and made a proposal to his creditors to resolve the problem.
According to Pier-Paul Belzil-Lacasse, Lead Senior Manager and Licensed Insolvency Trustee, this situation is far from unique. He stated that in the Abitibi-Témiscamingue region alone, each year, some 400 people make a proposal to their creditors.
What is the future of financial services? Which solutions and action plans must financial institutions put in place to face the challenges of open innovation and artificial intelligence?
In an ever-changing world, financial technologies are disrupting financial institutions’ usual business models by offering technological solutions that are better tailored to their clients. With the arrival of new technologies like open innovation and the emergence of artificial intelligence, their business model will have to adapt.
In light of these numerous challenges, Emilio B. Imbriglio, President and CEO of Raymond Chabot Grant Thornton, acted as the moderator of an international panel of speakers at the FinTech Forum on October 30, 2018.
The panel also included:
Kelly Peeler, CEO and Co-Founder of NextGenVest.com, which helps students manage student loans via text messages thanks to artificial intelligence and human advisors. She was named on the Forbes’ top 30 Under 30, Fast Company’s 100 Most Creative People in Business and Goldman Sachs’s 100 Most Intriguing Entrepreneurs and named a White House’s #StartTheSpark Ambassador;
Christopher Oster, CEO and Co-Founder of CLARK, a digital platform that makes it easy to buy new insurance while managing existing contracts;
Sébastien Fiaux, CEO and Founder of SFJ Technologies, a business that helps clients manage significant returns thanks to sophisticated mathematical models and science;
David Souaid, President and Co-Founder of the Evolocity financial group, which proposes technology-based solutions to provide working capital to Canadian SMEs;
Kathryn Petralia, President and Co-Founder of Kabbage Inc., a completely automated platform that allows clients to benefit from cash resources for their small businesses in a matter of minutes;
This conference was an opportunity to highlight their activities and discuss the challenges facing the financial industry – in particular the search for technological innovation sources to ensure innovation and competitiveness in a market with fierce competition and numerous competitors.
Artificial intelligence represents new business opportunities while improving efficiency and client services. It’s essential for financial institutions to ensure that they have a competitive, cutting-edge organization while efficiently responding to market uncertainties, the needs and expectations of clients and rapidly growing competition.
Today we’re entering a new era of technological transformation where everything is possible. It’s up to us to seize the opportunities that present themselves!
The prestigious 2018 Prix créateurs d’emplois du Québec gala, the annual event celebrating organizations that create and maintain jobs in Quebec and contribute to its prosperity, was held on October 24, 2018.
Video presented at the gala
Successful businesses from all regions in Quebec were recognized during this major event, which brought together more than 1,000 people, including Quebec Premier François Legault.
Three national awards were also presented to exceptional businesses: the Grand Prix Champion, to Olymel S.E.C., Grand Prix Coup de cœur, to Miralis and the Grand Prix Manufacturier innovant national, to LM Wind Power. Congratulations to the recipients!
Raymond Chabot Grant Thornton honoured
The event also celebrated Raymond Chabot Grant Thornton’s 70th anniversary. The firm’s constant commitment to giving local businesses the means to achieve their ambitions and unlock their full growth potential was doubly honoured.
First, there was a tribute to the professionalism and quality of the firm’s 2,500 professionals during the VIP cocktail, attended by the Quebec Premier and several dignitaries, including four regional Vice-Presidents, Richard Chrétien, Éric Dufour, Guy Fauteux and Mario Morin, partner, Jocelyn Renaud and other firm representatives.
Premier Legault and Pierre Cassavi, President of the Prix Créateurs d’emplois du Québec, presented a painting to President and CEO, Emilio B. Imbriglio, to honour the firm and recognize Emilio’s commitment to communities and to representing the interests of the business community.
Benefit from tools for a successful business transfer.
Raymond Chabot Grant Thornton is an entrepreneurial succession leader with the requisite knowledge to support your business transfer process.
There are several key steps in a business transfer process, including:
Defining the project and the human issues;
Determining the business’s value;
Determining and managing risk;
Concluding the transaction.
Raymond Chabot Grant Thornton can support you throughout the process, such as identifying the human issues and recommending the appropriate professionals to meet your needs.
Do you think it’s too soon to start thinking about a successor for your business? By beginning to think about the process now with our professionals, you can identify qualified successors to ensure your business’s continuity, understand intergenerational differences and anticipate the tax impacts and financing needed. You’ll have the benefit of a successful transfer and peace of mind.
Find out more about the various risks and the available solutions to ensure a successful business transfer. View the advice below or contact an expert.