Program helps older entrepreneurs find successors
A provincially backed program that supports older entrepreneurs who are in the process of transferring their business to a new owner is expanding to Montreal.
The Centre de transfert d’enterprise du Québec is recruiting its first cohort of owners of small and medium-sized enterprises (SMEs) that will get direct support as they look to ensure the business is transferred smoothly to a new owner.
The first group of between five and 10 companies will be part of an 18-month program and will get subsidized legal, accounting and other professional assistance.
The need for business owners to find successors is increasingly important as the population ages. Fifty-seven per cent of businesses owners in Montreal are over 50, said Robert Beaudry, the city executive committee member responsible for economic development.
“We know that we’re at risk of losing 10,000 SMEs between now and 2024 if there are no successors,” he said.
While entrepreneurs who start
SMEs are dynamic. They’re a vehicle for innovation.
new businesses are important for Montreal’s economic growth, he said, it’s also important for people to take over and develop existing businesses.
“We have to keep them. SMEs are dynamic. They’re a vehicle for innovation,” Beaudry said, and they employ a lot of people in Quebec.
Montreal will be the second city to host this cohort-based program. Two previous groups went through the program in Saguenay.
One of those businesses was Construction Gauthier. Coowner Richard Gauthier was so impressed with the program, he decided to get involved. He’s now president of CTEQ’s board.
He said the structure of the program is important for entrepreneurs as they begin the process of transferring their business to a new owner — a process that can take years.
Owners often want to see the business that they created continue after they retire, he said, but navigating all those steps can be a challenge.
He said the program expanded to Montreal because the city has a critical mass of businesses and the city was willing to support the program.
The first cohort will be recruited between now and Nov. 23 and a second is being planned. The program aims to help 20 local businesses before the end of its first year in Montreal.