National Bank launches its new Business transfer program
Montreal, 5 October 2005 -
In order to ensure ownership succession in Quebec SMEs, National Bank of Canada today launched its new Business Transfer program. The program was created to offer business owners assistance and advice on all steps involved in transferring a business, from the planning stages to the final financial transaction.
“National Bank has always maintained strong relationships with business owners in Quebec. We were there when they started out and have partnered with them for each milestone of their growth. Today, the Bank would like to help them transition through the succession planning stages and transfer their businesses to the next generation,” explained Tony Meti, Senior Vice-President, Commercial Banking and International. “National Bank’s Business Transfer program was designed with a view to walking them through a process that can be difficult to navigate on their own,” he added.
Outside of financial considerations, many owner-managers put off succession planning because of the difficult decisions it entails. Whether that decision involves choosing the best successor from among one’s children, handing the business over to a third party or dividing up the family assets in an equitable manner, business owners are faced with some delicate issues, and emotions can easily hold sway over reason. That is why the National Bank Business Transfer program gives considerable weight to the human aspects of the transfer process.
The Bank has created a team of managers whose sole mission is to assist business owners in planning and carrying out their succession plans. Whether it is a matter of determining retirement income, forming a family council, establishing the timing of the transfer, or grooming a successor, National Bank’s business transfer experts will assist them with their specific needs. They can direct them to specialists in different areas of expertise, coordinate their activities, and do all necessary follow-up to move the project forward.
Moreover, to help business owners structure the transfer process, the Bank will provide them with a business transfer planning guide – a comprehensive tool kit that will help them look to the future and plan for the day when they pass on the reins. Divided into five sections, the guide contains questionnaires and points to consider so that business owners can set objectives for themselves and the company, choose a successor, determine the value of their company, map out a succession plan and transfer ownership.
Business owners who want to find out more about the Business Transfer program and how National Bank can be of service to them are invited to call a Commercial Banking Manager in their region.
About National Bank of Canada
National Bank of Canada is an integrated group which provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its customers elsewhere in the world. National Bank offers a full array of banking services, including corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management, as well as mutual fund and retirement plan management. National Bank has close to $110 billion in assets and, together with its subsidiaries, employs 17,049 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA: TSX). For more information, visit the Bank’s website at www.nbc.ca.
Information (The telephone number provided below is for the exclusive use of journalists and other media representatives):
Public Relations Director
National Bank of Canada
Tel.: (514) 394-8644