Business transfers: Balancing business
decisions and dreams
Montreal, 25 October 2005 -
“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 National Bank’s Tony Meti, Senior Vice-President – Commercial Banking and International, to business people from the Quebec City region attending a breakfast conference sponsored by the Chambre de commerce des entrepreneurs de Québec and the Jeune Chambre de commerce de Québec.
Many business owners in Quebec will be retiring in the next five to ten years, and when they leave, they will want to have enough of a nest egg for a comfortable retirement, but 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,” he mentioned.
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, Mr. Meti also pointed out the importance of setting clear objectives when planning your succession and the transfer of your 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,” Mr. Meti explained.
Senior Vice-President of National Bank’s Commercial Banking and International business line, Mr. Meti has worked in the financial services industry for more than 30 years. A member of the Executive Committee since March 2002, Mr. Meti is also responsible for all activities geared to the Bank’s Commercial Banking clients, including real estate and agriculture.
About National Bank
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 customers elsewhere in the world. National Bank offers a full array of banking services, including 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 $110 billion in assets and, together with its subsidiaries, employs 17,049 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):
Director – Public Relations Department
National Bank of Canada
Tel.: (514) 394-8644