Montréal, June 18, 2014 ‒ With over 600 participants for the first edition of RDV Relève inc.™, the co-founders of this annual provincial initiative that tackles the issue of business succession, the Fonds de solidarité FTQ and the Board of Trade of Metropolitan Montreal, are delighted with the mobilization of actors concerned by entrepreneurial succession.
“Business transfers are not sufficiently considered by potential successors,” said Gaétan Morin, executive vice-president, corporate development and investments at the Fonds de solidarité FTQ. “And yet, taking over or transferring a business is an excellent opportunity to build on solid foundations. Company transfers, like entrepreneurship, are essential to Québec’s economic future. The first edition of RDV Relève inc. was a chance for economic and financial players, as well as potential assignors and successors, to start an in-depth discussion about challenges to overcome in the next few years.”
RDV Relève inc.™ kicked off on Tuesday, June 3 with the release of the Board of Trade study Transferring Businesses to the Succession: A Major Issue for the Québec Economy and the Sustainability of SMEs (In French only - English to come), sponsored by the Fonds de solidarité FTQ and conducted in partnership with Raymond Chabot Grant Thornton. This study is the first ever to look at the overall cost associated with the risk of businesses closing due to a lack of entrepreneurial succession over the next 10 years. It shows that between 5,700 and 10,000 Québec companies are at risk of closing in the next 10 years if they are not transferred. These closings could result in the loss of 79,000 to 139,000 jobs and $8.2 to $12 billion in GDP.
“The study clearly demonstrates that the economic issue of business succession is a major one,” said Michel Leblanc, president and CEO of the Board of Trade of Metropolitan Montreal. “In the context of an aging population, the price we will pay if we don’t act to improve the situation could be high, both in terms of jobs and GDP. A clear consensus developed during RDV Relève inc.: to turn the tide, we need to enable business takeovers and raise awareness among stakeholders – including the Government of Québec – of the importance of introducing measures that will stimulate the next generation of entrepreneurs and business transfers. The alliance between the Board of Trade and the Fonds de solidarité FTQ to highlight this major challenge for our economy will continue over the next few years to ensure the sustainability of SMEs in Québec.”
RDV Relève inc. included a business luncheon in Montréal on June 3, which featured a business transfer success story and an activity inspired by the international hit TV show Dragon’s Den ― the Business Transfer Challenge ― organized in partnership with the Centre de transfert d’entreprises de Montréal.
RDV Relève inc. activities continued in the Montérégie (June 4) and Québec City (June 5) areas, in partnership with the Chambre de commerce et d’industrie de Beauharnois-Valleyfield, the Chambre de commerce et d’industrie de Québec and these two regions’ business transfer centres. This first edition of RDV Relève inc. was presented by Raymond Chabot Grant Thornton, in partnership with Lavery.
For an overview of Rendez-vous Relève inc., click here to watch the video.
About the Board of Trade of Metropolitan Montreal
The Board of Trade of Metropolitan Montreal is made up of some 7,000 members. Its mission is to represent the interests of the business community of Greater Montréal and to provide individuals, merchants, and local businesses of all sizes with a variety of specialized services to help them achieve their full potential in terms of innovation, productivity, and competitiveness. The Board of Trade is Quebec's leading private economic development organization.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive the Québec economy. With net assets of 9.7 billion dollars as of November 30 2013, the Fonds is a development capital fund that channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Québec’s development. The Fonds is a partner, either directly or through its network members, in 2,400 companies. With over 615,000 shareholders-savers, the Fonds helps create, maintain or protect over 170,000 jobs. For more information, visit www.FondsFTQ.com.
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Michelle LLambias Meunier
Advisor, Media Relations
Board of Trade of Metropolitan Montreal
Tel.: 514 871-4000, ext. 4042
Follow the discussion: #ccmmqcca
Senior Advisor, Media Relations and Communications
Fonds de solidarité FTQ
Tel.: 514 850-4835
Cell.: 514 703-5587