Raymond Chabot Grant Thornton is proud to join the Fédération des chambres de commerce du Québec (FCCQ) on the very first national business succession tour that will make its way across Québec as of February 28, 2024.

The tour will make stops at 17 ambassador chambers of commerce in each of Québec’s 17 administrative regions. During the half-day events, entrepreneurs can benefit from sound advice on the numerous challenges surrounding business succession and management.

Drawing on his many years of experience in supporting transferors and successors with their entrepreneurial succession process, Éric Dufour, Partner, Regional Vice-President and National Business Transfer Leader for the Firm, will be a guest speaker. Among other things, he will explore the main factors to consider when implementing a comprehensive succession plan that takes into account all the risks and opportunities that arise in each step of a successful plan.

“For over 25 years, I’ve been committed to guiding local entrepreneurs through the creation of solid succession plans so they can successfully transfer their businesses. This is why I didn’t hesitate to contribute to this initiative, which is not only highly relevant to our entrepreneurs but also to ensuring the development and sustainability of Québec’s economic drivers, our SMEs,” explained Éric Dufour. He believes that a successful succession plan requires considering the human aspect throughout the process to ensure efficient and sound business governance.

The tour will be stopping in your region so save the date in your agenda and join us!

To view the tour dates, please visit La tournée sur le repreneuriat de la FCCQ (French only). You will find all the information required to sign up for an event. Éric Dufour and his team look forward to talking with you. See you there!

To read the press release (French only), visit Lancement de la tournée nationale sur le repreneuriat–Présentée par le Centre de transfert d’entreprise du Québec–Fédération des chambres de commerce du Québec.

We are very proud to introduce our new partners, outstanding individuals in our firm serving local businesses.

Alexandra Allard – Tax, Québec Region
Chantal Beaudry – Assurance (Risk management), Montréal Region
Jessica Boudreault – Assurance, Saguenay-Lac-Saint-Jean et Côte-Nord
Jeannette Boulanger – Human resources consulting, Estrie
Angélique Brand – Assurance, Montréal Region
Jean-Philippe Chrétien – Assurance, Bas-Saint-Laurent, Gaspésie-Îles-de-la-Madeleine et Edmundston
Maxime Décarie – Assurance, Montréal Region
Frédéric Gagné – Tax, Québec Region
Paul Garellek – Tax, Montréal Region
Isabelle Gauthier – Assurance, Abitibi-Témiscamingue
Kim Joyal Lamarche – Tax, Montréal Region
Stéphanie Laframboise – Assurance (Risk management), Montréal Region
Maxime Laplante – Assurance, Estrie
Simon Laurendeau – Assurance, Estrie
Marc-Antoine Laurin – Tax, Montréal Region
Mathieu Legendre – Assurance, Estrie
Alexandre Pariseau – Tax, Montréal Region
Gautier Péchadre – Recovery and reorganization, Montréal Region
Annie Poitras – Tax, Québec Region
Stéphanie Roy – Tax, Abitibi-Témiscamingue

Congratulations to all and enjoy a prosperous career at Raymond Chabot Grant Thornton! We are very proud of having you on board with us.

Companies only have a few weeks left to repay any financial assistance they obtained through the CEBA. Let’s go over the options.

In the middle of the pandemic, the Canadian government launched the Canadian Emergency Business Account (CEBA), a financial lifeline to support businesses hit by the COVID-19 crisis. More than 750,000 businesses in Canada took advantage of this interest-free loan.

With the January 18, 2024 deadline approaching, the clock is ticking for repayment of this financial assistance. This deadline was originally December 31 2022, then postponed by a year before being pushed back once again to January. So, you only have a few weeks left to decide how to pay off this debt.

Option 1: Pay it back on time

First and foremost, it is essential to assess your company’s financial situation. This assessment must include an analysis of cash flow, income forecasts and operating costs. Use this analysis to determine your ability to repay the loan on time.

Some loans are eligible to retain a portion of the subsidy. Companies that have received the maximum amount, $60,000, can repay only $40,000 of the initial loan, i.e., a $20,000 subsidy. If you can afford to pay it all back early, this is a great opportunity!

If your loan has been deemed ineligible—if this is your case, you would have already received an email notification from your financial institution—you will lose the portion of the loan that was a subsidy and will have to repay the full amount by January18, 2024.

Option 2: Negotiate a repayment plan

By fall 2023, according to CFIB, only 18% of borrowers had successfully repaid their CUEC loans, thereby highlighting the difficulty many companies have had in complying with the program’s terms and conditions.

Companies that fail to pay $40,000 of the $60,000 borrowed by the new due date will lose their subsidy and will have until December 31, 2026 to repay the full $60,000 at 5% interest.

If you are having difficulty paying off this debt, talk to your financial institution as soon as possible. They may offer you options for refinancing or restructuring the debt in return for a guarantee from you. You must reach an agreement by January 18, 2024 (or prove that you are in the process of reaching one by that date).

It will be important to analyze your company’s financial ability and the impact of this new payment on your cash flow. As needed, review your current expenditures and identify areas where savings can be made without compromising your operations. You will also need to determine whether you can incur personal liability in the event of default. Be prepared to adjust your action plan based on changes in the market and your company’s financial situation.

Option 3: No refund

If repayment seems impossible, there are still other solutions available to you. There is the Consumer Proposal, allowing you to negotiate a repayment plan with all your creditors that is tailored to your financial ability, thus offering an alternative to bankruptcy. Sometimes, however, bankruptcy is unavoidable. Although this is an extreme solution, it may be the best choice for some businesses that are unable to overcome their indebtedness.

Don’t hesitate to consult financial and business recovery experts like those at Raymond Chabot. Our professionals can offer you personalized advice and help you navigate the complexities of repaying the CEBA.