MRC Maskinongé — Business Succession
QC, Canada
Financial aid for regional business succession support
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grant_single|eligibleFinancing
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- grant_single|openingDateJanuary 01, 2020
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Grant and Funding
Expert Advice
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- MRC de Maskinongé
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grant_card_status|open
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The "Relève Entreprise" program provides financial assistance to entrepreneurs with a maximum funding amount of $15,000, covering up to 50% of the costs. Its purpose is to support the acquisition or transfer of businesses in the region by financing activities such as due diligence, preparation of business transfer agreements, and professional fees for experts involved in business succession projects.
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This grant provides financial support for entrepreneurs seeking to acquire or transfer a business by covering part of the costs associated with essential professional services. Eligible activities include due diligence, contract preparation, and professional fees.
- Due diligence to determine the fair market value of a business.
- Preparation of the business acquisition agreement.
- Professional fees for specialists such as accountants, lawyers, notaries, or human resources experts engaged in the business transfer project.
grant_single_labels|admissibility
The eligibility for this grant is subject to specific criteria related to the acquisition or transfer of a business in Quebec.
- The business to be acquired must be legally constituted under the laws of Quebec or Canada and must have an establishment in Quebec.
- If the acquirer is not incorporated, they must be a Canadian citizen or permanent resident.
- The acquirer must be associated with a project that has obtained financing from the Fonds local d’investissement (FLI) of the MRC de Maskinongé, and the project could also be supported by the Fonds local de solidarité (FLS). The accumulation of similar public assistance for the same project will be refused.
- The professional engaged for company verifications must have expertise that qualifies them to intervene in a business succession project.
grant_eligibility_criteria|eligible_expenses
The grant covers expenses related to acquiring services for business succession.
- Diligence verification to determine the fair market value of a business.
- Preparation of the business acquisition agreement.
- Professional fees for specialists such as accountants, lawyers, notaries, and human resources specialists who have the expertise to intervene in a business succession project.
grant_eligibility_criteria|zone
Companies applying for this grant must be located in a specific geographical area in Canada. The focus is on supporting businesses within the province of Quebec.
- Companies established in Quebec, Canada.
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- Step 1: Contact a Consultant
- Reach out to one of the development consultants mentioned: Audrey Pichette, Rémi Gagnon, or Sandrine Renou.
- Discuss your potential project and ensure it aligns with the grant criteria.
- Step 2: Prepare Documentation
- Gather necessary company documentation to prove legal constitution under Quebec or Canadian law.
- Ensure any professionals involved have the required expertise to assist in a business succession project.
- Step 3: Obtain FLI Funding
- Secure funding approval from the Fonds local d’investissement (FLI).
- Step 4: Complete Application Form
- Fill in the application form provided by the MRC Maskinongé or the Federation of Quebec Municipalities (FQM).
- Detail the costs for which you seek reimbursement and attach relevant estimates or invoices.
- Step 5: Submit Application
- Submit the completed application form along with all supporting documents as directed by the FQM or the MRC Maskinongé.
- Ensure all submissions are made before incurring any project-related expenses for them to be eligible.
- Step 6: Await Confirmation
- Receive confirmation from the MRC or FQM regarding the receipt and evaluation of your application.
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Here are additional relevant details for this grant:
- Assistance is aimed at entrepreneurs seeking to acquire or transfer businesses within the region, suggesting a regional focus for the program.
- Professional fees covered must pertain to direct involvement in business succession projects, ensuring targeted expertise utilization.
- Contact details are provided for direct consultation with development advisors, enhancing the support available to applicants.
- Applications must consider the timeframe, as any expenses incurred prior to submitting a financial aid request are deemed ineligible.
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819
Apply to this program
Facilitating Business Succession in Quebec
"Relève Entreprise" provides financial assistance to entrepreneurs seeking to acquire or transfer small to medium-sized enterprises within Quebec, ensuring that these businesses can continue to thrive under new ownership. The program primarily targets entrepreneurs who have secured loans through the Local Investment Fund (FLI), with additional support potentially available from the Local Solidarity Fund (FLS).
Detailed Understanding of the "Relève Entreprise" Program
The "Relève Entreprise" program is pivotal in promoting economic continuity and local enterprise sustainability in regional Quebec by providing financial and consulting assistance for business succession. This program, administered by the MRC de Maskinongé, aims to support entrepreneurs who plan to acquire existing businesses, with a strong regional focus to maintain economic vitality outside urban centers. By doing so, it addresses potential business discontinuity due to retiring owners or those transitioning out of the business world, ensuring that small to medium-sized businesses (SMEs), which are vital to the local and regional economies, remain operational under new leadership.
Support from "Relève Entreprise" covers essential aspects of the transition process. This includes due diligence to ascertain the fair market value of a business before acquisition, the preparation and drafting of business transfer agreements, and the hiring of qualified professionals such as accountants, lawyers, and HR specialists who can provide expert advice and facilitate the transition. Such thorough assistance is crucial as it ensures that both the buyer and the seller have a clear understanding of the financial health and operational status of the business, making the transfer process smoother and more transparent.
Eligible participants are entrepreneurs linked to projects that have obtained funding from the FLI, demonstrating the program's targeted approach to nurturing local business ecosystems. Furthermore, preference is given to projects also supported by the FLS, although overlapping public funding of a similar nature is not permitted. This ensures that the support provided is effectively utilized to maximize regional economic development and sustain a healthy business climate.
The financial aid offered by "Relève Entreprise" covers up to 50% of the eligible expenses, capping at $15,000 per participant. This allowance is instrumental for entrepreneurs facing the high initial costs of legal, financial, and operational assessments necessary for successful business takeover. This shared financial responsibility between the program and the entrepreneur facilitates a strategic partnership that aims to reduce financial barriers that might otherwise deter valuable business transitions.
Alongside financial aid, recipients are afforded the opportunity to tap into specialized services, fostering a network of support that aids not only in the immediate transition but also sets the stage for future business growth. Through accessing expert insights and building connections with experienced professionals, new business owners can enhance their strategic business planning, manage workforce transitions effectively, and ensure smoother business operations post-acquisition.
To apply, eligible entrepreneurs must ensure that their ventures into business purchases or acquisitions align with the stipulations of the program, including being legally incorporated under Canadian or Quebec law and maintaining a business establishment within Quebec. Unincorporated entrepreneurs, meanwhile, must be Canadian citizens or permanent residents. This ensures that those benefiting from the "Relève Entreprise" program contribute positively to the local economy and community development.
The "Relève Entreprise" program not only fosters individual entrepreneurial growth, but it also significantly contributes to broader economic reinvigoration efforts in Quebec. By prioritizing the continuity of local businesses, the program ensures the retention of employment opportunities, the maintenance of critical local services, and the ongoing development of the regions in which these businesses operate. In the larger scope, this initiative stabilizes local economies, mitigates the risks associated with business closures, and supports a dynamic environment where thriving businesses can be passed along seamlessly to ready and capable successors.
This strategic initiative underscores Quebec’s commitment to sustainable economic policies, aiming to secure and enhance the economic resilience of its regions. Through thoughtful financial support and fostering the next generation of business leaders, "Relève Entreprise" is a model of how targeted public funding can lead to significant positive impacts on both the economic landscape and the communal lifecycle of Quebec’s regions.
