Business succession: It’s time for the next generation to take its turn / Presentation by Tony Meti of National Bank
Montreal, 5 October 2006 -
“Show you’re interested, don’t take anything for granted, take on assignments that will build experience, make sure you get the training required for your position and maintain a solid network of contacts.” Such was the advice that Tony Meti, National Bank’s Senior Vice-President – Commercial Banking and International, had for aspiring business owners attending a conference on family succession organized by HEC Montréal in cooperation with the Institut québécois pour les familles en affaires and National Bank.
Family succession is one of the single most important economic and social challenges Quebec will have to overcome in the years ahead. In fact, more than 56% of the province’s business owners will retire in the next five to ten years. Most of them run family-owned businesses and more than 69% want to hand over the reins to other family members. However, many do not know how to successfully plan the transition.
“In serving close to 150,000 businesses, we at National Bank have found that in choosing a successor, many business owners are pulled between the need to make a business decision and the desire to see their business stay within the family, with emotions threatening to upset the balance between the two. Our Business Transfer Planning Managers can assist business owners with the decision-making process, help them take a step back, and guide them in times when emotions are most intense,” Mr. Meti explained.
Last year, National Bank launched its Business Transfer Program to provide business owners with advice at all steps of a business transfer, from the planning stage to the final financial transaction. The main feature of this program is its strong focus on the human aspects of change, which, according to the Bank, are crucial to a successful transfer.
Read Mr. Tony Meti's address [Details]
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 clients elsewhere in the world. The National Bank offers a full array of banking services, including retail, 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 $109 billion in assets and, together with its subsidiaries, employs 17,183 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.
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