70% of business transfers fail!
Still in 2018, the statistics speak for themselves. Only 3 out of 10 owners manage to pass the torch, whether for family succession, key employees or external buyers, the results remain the same, and have been for many years; 30% succeed and 70% fail in their business transfer project. Some have to take over the reins and rebuild to minimize financial losses. Others leave their families to deal with a heartbreaking conflict.
PERFORMANCE EVALUATION
In these times when skilled labor is becoming increasingly scarce, one of a company’s top priorities is to retain its workforce. An employee who knows his or her worth, but above all feels valued by his or her employer, will be more dedicated and therefore less tempted to leave the organization that hires him or her. The performance appraisal therefore becomes a retention tool in its own right, as it demonstrates with certainty to the employee the value and, above all, the confidence the organization feels in him/her and his/her skills.
LATEST CHANGES FOLLOWING LEGISLATIVE PROPOSALS ON JULY 18
Following the legislative proposals announced by the Minister of Finance on July 18, 2017, several changes were announced during October following the public consultation period.
Management aux Entrepreneurs | Corporate cost structure
In a highly competitive economic context, SME owners need more relevant information to help them in their decision-making processes in order to improve their value chain and increase their business agility.
TAX PLANNING THROUGH PRIVATE COMPANIES
In the 2017 Federal Budget tabled on March 22, Finance Minister William Francis Morneau announced that he would conduct a review of tax planning strategies using private corporations and that a consultation paper would be released in the coming months. Last Tuesday, July 18, the Minister tabled his recommendations, as well as legislative proposals aimed at countering certain tax planning strategies.
SPECIAL REPORT | TAX BREAKS FOR MANUFACTURING COMPANIES
Responsible for nearly 11% of Canada’s gross domestic product (“GDP”)[1], manufacturing is a key component of our economic vitality. In Quebec, this reality is all the more important, with nearly 14% of GDP coming from this industry[2]. Innovation, investment, workforce and economic and political uncertainty are among the main challenges facing manufacturing companies. Both the federal and Quebec governments are concerned about the challenges facing the industry in the coming years.
THE BENEFITS OF AN INTERNAL CONTROL SYSTEM FOR YOUR COMPANY
In a generation in which companies must evolve at breakneck speed and competition is aggressive, business leaders must ask themselves how they can do more, better and for less! You need to maximize the quality and performance of your products and services, with the least amount of manpower possible, and as a manager, you’re no doubt increasingly faced with making important decisions to meet company objectives.
LA REVUE DILIGENTE (Due diligence)” (in French) For a good transaction, prevention is better than cure”.
Whether it’s the sale of your business, an acquisition or a partnership transaction, too many entrepreneurs unfortunately neglect the due diligence stage. To better understand this step, we can compare it to a home inspection. It’s the process by which we examine, or have examined, the object of our purchase. Are we getting our money’s worth?
THE IMPORTANCE OF ANNUAL TARGETS
At this time of year, let’s all take the time to take stock of ourselves, review what we’ve accomplished throughout the year, and plan for the new year ahead.