From idea to execution

As the meeting opened, Bouchard reminded the participants that successful economic shifts rely on open dialogue between the private sector and public powers. The wave of upcoming transitions can become a tremendous lever for economic renewal, providing its execution is well organized and the energy is properly channeled. This broad coordination will convert individual decisions (transfer, acquire, finance) into a united, positive macroeconomic force, renewing the fabric of small business, boosting productivity, encouraging innovation and propelling Québec businesses forward, to the benefit of their stakeholders.

Kim Thomassin (CDPQ) explained how her organization is offering capital, expertise and networks to foster the success of business takeovers, citing examples like Germain Hôtels, Plastrec and Groupe Océan, which where grounded in extensive advance preparation, rigorous governance and respect for the founders.

Isabelle Marcoux (Transcontinental) shared the experience of a family succession that was planned for decades and underpinned by meticulous support, illustrating that a properly prepared transition can be a driver of continuity and strategic growth. She also endorsed strict oversight by a seasoned board of directors, which, in Transcontinental’s case, was chaired by Bouchard when the shift took place.

Current state of business takeovers in Québec

Marc Duhamel (UQTR) and Luis Felipe Cisneros Martinez (HEC Montréal) provided the following portrait:

• a steady rise in business transfers since 2015, with an increase in the number of transactions involving medium businesses;
• a persistent imbalance between successors, who are often numerous and proactive, and transferors, who are more hesitant and inadequately prepared; and
• a limited proportion of family transfers (about 30%) compared to transfers to third parties, requiring an adapted approach.

While governance proves to be an important factor, it is still unusual for takeovers to be planned by an advisory committee or board of directors, even though this smooths transition, reassures financial partners and improves outcomes. In addition, the available data on business value (EBITDA, assets, segmentation by size or region, etc.) is patchy, making it difficult to assess financing needs and macroeconomic impacts.

In all this, the human factor remains critical. The identity, family and psychological aspects of business transfer take time, trust and solid professional support to resolve, especially in the regions. Finally, while Québec is posting a lower rate of transfers than Ontario, this stems more from a tendency to delay formal processes than a weaker entrepreneurial drive.

Workshops: From diagnostics to action

Three workshops further explored these findings and helped identify practical solutions.

Workshop 1 : Preparing for Takeover

The first workshop, led by Dany Pelletier (Fonds de solidarité FTQ) and Catherine Chantal-Boicin (Casacom), addressed the need to inform and prepare transferors and train successors. The discussions revolved around  encouraging entrepreneurs to think of succession plans as a normal part of running a business, holding more awareness campaigns, promoting local successes in order to break down taboos and instilling a “takeover reflex” in trusted professionals – lawyers, tax specialists, bankers and accountants.

The participants also suggested professionalizing succession, through short courses or certification programs inspired by director institutes.

Workshop 2: Tax and Financial Levers

This workshop, led by Marie-Emmanuelle Vaillancourt (Davies) and Félix-Antoine Joli-Coeur (Volume10), was structured around three themes: stimulating businesses, supporting investors and preserving Québec’s entrepreneurial heritage.

A number of ideas were floated, such as a tax holiday for reinvested earnings, faster depreciation of capital expenditures, the creation of dedicated business takeover investment funds and the expansion of the flow-through share regime for innovative businesses. A few other proposals also stood out, such as launching a “business succession HBP” that would allow people to use funds from an RRSP to take over a business, guaranteeing loans to successors and encouraging local reinvestment through targeted tax relief.

Workshop 3: Mobilizing the Financial Ecosystem

Workshop 3, led by Bicha Ngo (Investissement Québec) and Jean-Michel Nahas (Casacom), this workshop focused on the wealth of the Québec ecosystem and its unique nature, which can be leveraged to take greater advantage of its key drivers. The solutions discussed included creating an inter-institutional committee to align practices and share information, using AI to develop a networking platform and introducing hybrid models that combine staff and family participation. A recurring theme was the need to reinforce the geographic, generational and gender diversity of business successors in Québec.

Act now to build the future

In his closing remarks, Bouchard summed up the spirit of the day: widespread interest is obvious, the potential gains are significant and the ecosystem has demonstrated that it can collaborate and take action. All that remains is to take advantage of this growing momentum to ensure that a bigger share of the transfers happen early, go smoothly and take place right here at home.

The Grande rencontre confirmed the collective will to unite the strengths of “Québec Inc.” to support business takeovers, keep head offices in Québec and inspire productivity and innovation.

This shared impetus attests to an ongoing commitment to make business takeovers a true driver of long-term prosperity for Québec.