Some 10 years ago, in June 2014, the Chamber published a study on transferring businesses to the next generation, which was already seen as crucial for the Quebec economy and the long-term survival of businesses.
Despite initiatives in place to encourage these transfers, a lack of entrepreneurs willing to take businesses over could lead to a number of business closures, resulting in a significant loss of jobs, knowledge and expertise.
Such a situation could reduce the amount of wealth created in Quebec, thereby hindering its economic vitality. It’s therefore imperative to promote business takeovers and support both transferring entrepreneurs and takeover entrepreneurs.
Although business ownership offers a host of advantages to entrepreneurs, transferring a business is a complex process that requires customized support. That’s why it’s important to put in place the right tools and programs to help transferring entrepreneurs and takeover entrepreneurs.
Access to financing, resources, training in succession management and legal advice are essential elements in simplifying the process for the entrepreneurs concerned.