Quebec is currently facing a large wave of business transfers. However, in this great discourse on takeover, the specific character of the family business does not receive all the attention it deserves, given its fundamental contribution to the socio-economic development of Quebec.
As part of this national takeover week, it is crucial to highlight the importance and specific character of these companies.
Managing as a family is not always fun… Family takeover is a complex process that goes well beyond the business transaction.
“How do I tell my children that they might not have all the skills to take over the company they have always worked in? »
“I’m finally CEO. After years of negotiation, I finally bought out my parents and my sister, but we no longer speak. My son asks me when he is going to play at grandma’s house. »
“I want to take over the family business, but I want to relaunch its business model. Where to start ? The burden of the business and my parents’ retirement money are on my shoulders. »
We come across these scenarios every day at Familles enbusiness – HEC Montréal. Put yourself in their shoes, imagine yourself with those you love, your children, your parents, your brother…
Isabelle Le Breton-Miller and Dany Miller, professor-researchers at HEC Montréal, have clearly demonstrated this in their research: the failure of family succession is mainly caused by a lack of consideration of family aspects.
To support these businesses, the family aspect must be included in the takeover support and training offer, but this support must imperatively be led by professionals. Supporting families in business cannot be improvised.
Families in business, an essential pillar of our society
According to the Conference Board of Canada, nearly two-thirds of Canadian private businesses are family-owned and employ nearly half of the private sector workforce.
Business families are also real breeding grounds for entrepreneurs. A survey of Quebec family businesses carried out by Familles enbusiness – HEC Montréal demonstrated this: 38% of families surveyed have more than one business. They therefore participate in the renewal of our economic fabric and become entrepreneurial models that inspire others.
Another advantage comes from the fact that family businesses measure their success by generation. This vision of sustainability has led them to have, historically, better survival rates during major changes and economic crises.
Finally, they have a strong local anchor. A study by the National Observatory of Family Entrepreneurship1 demonstrated that leaders’ attachment to their region colors their business decisions. In addition to their social and philanthropic implications, they build strong regional business ecosystems with local partners and are less likely to relocate. So, when we talk about regional dynamism, families in business have a lot to do with it.
Our business families have qualities that make them key players for Quebec. Let’s work together to support family takeovers and consider these family businesses at their true value: first round choices.
1. Territorial anchoring of family businesses: impact, challenges and perspectives, National Observatory of Family Entrepreneurship (2023)
Visit the National Entrepreneurship Week page
Consult the Repreneurship Movement page
Consult the page The national tour on repreneurship
What do you think ? Participate in the dialogue
reference: www.lapresse.ca