Business transfers: Balancing business decisions and dreams
“A banker, if sensitive to the issue of business continuity, can help you strike a balance between your need to make the best possible business decisions and your dream of seeing the next generation carry on your company.” That was the message delivered today by Diane Déry, Vice-President – Commercial Banking for Quebec and Eastern Quebec at National Bank, to business people from the Beauce region at a luncheon conference organized by the Conseil Économique de Beauce.
Many business owners in Quebec will be retiring in the next five to ten years. When they leave, they will want to have a large enough nest egg to retire comfortably on, but will also want to see their children or partners keep growing the company they founded.
“Although he can’t do the job for you, your banker can walk you through the process. He’ll help you take a step back so that you can be objective when emotions start to run high,” she added.
At the conference, organized to spotlight business transfers and the need to balance sound management decisions with the desire to see one’s company live on, Ms. Déry also sensitized the business people in attendance to the importance of setting clear objectives when planning their succession and the transfer of their business.
“How many years down the road do you plan to retire? Have you built up enough wealth in your company to enjoy the type of retirement you want? Are you planning to pass the reins on to one of your children? Is he or she ready to take over? Will he or she need to develop certain skills first? Do you intend to continue to play an active role in managing the company? Do you want the company to continue to employ members of your family and local workers? The answers to these questions can often be used to lay the groundwork for a business transfer plan,” Ms. Déry explained.
About the 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.
Information (The telephone number provided below is for the exclusive use of journalists and other media representatives.):
Senior Director – Public Relations
National Bank of Canada
Tel.: (514) 394-8644