MRC Rivière-du-Loup — Business Succession
QC, Canada
Support for business acquisition in Quebec regions
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Grant and Funding
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- MRC Rivière-du-Loup
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The Programme d’aide financière aux entrepreneurs provides up to $15,000 in funding, covering up to 50% of eligible costs, to assist entrepreneurs in acquiring businesses in Quebec. Eligible activities include due diligence, preparation of acquisition agreements, and professional fees for experts necessary in business succession projects.
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This grant facilitates the acquisition of businesses in Quebec by covering specific professional service costs related to business succession. The support provided helps both future entrepreneurs and experienced professionals transition businesses effectively.
- Due diligence procedures to ascertain the fair market value of a business.
- Drafting of business succession agreements.
- Professional fees for experts such as accountants, lawyers, notaries, and HR specialists involved in business takeover projects.
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The eligibility criteria for a company to apply for this grant focus on the legal status, location, and affiliation with specific financial support.
- The company to be acquired must be legally constituted under the laws of Quebec or Canada and have a physical establishment in Quebec.
- If the acquirer is not incorporated, they must be a Canadian citizen or a permanent resident.
- The acquirer must be linked to a project that has received financing from a Local Investment Fund (FLI) of the corresponding MRC or a municipality exercising MRC powers.
- The cumulative reception of public support of the same nature for a single project will be refused.
- The professional engaged for company assessments must possess expertise relevant to business succession projects.
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Any entrepreneur who has obtained financing from a Local Investment Fund (FLI) managed by a Regional County Municipality (MRC) or a municipality exercising MRC powers, and who wishes to acquire a legally constituted business in Quebec. The entrepreneur could be a family member, one or more employees, external buyers including collective takeovers.
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The grant supports specific expenses related to the acquisition of a business.
- Costs of due diligence to determine the fair market value of a business.
- Preparation of the business acquisition agreement.
- Professional fees of specialists (accountants, lawyers, notaries, human resources specialists, etc.) with expertise in business succession projects.
grant_eligibility_criteria|zone
This grant primarily focuses on businesses operating within regions covered by a regional county municipality (MRC) or its equivalent that exercises MRC powers in Quebec. Eligible geographical areas are therefore confined to specific regions in Quebec with access to a local investment fund (FLI) from their MRC.
- Businesses in municipalities or MRCs with an active local investment fund (FLI) in Quebec.
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Here are the steps to submit an application for this grant:
- Step 1: Verify Eligibility
- Ensure the entrepreneur is receiving financing from a Fonds local d’investissement (FLI) of an MRC or a municipality exercising MRC powers.
- Confirm the business to be acquired is legally constituted in Quebec.
- Check that the entrepreneur is either a Canadian citizen or a permanent resident if not incorporated.
- Step 2: Collect Required Documents
- Prepare documents detailing the business acquisition plan.
- Include evidence of FLI funding and any other financial supports.
- Gather quotes or contracts for specialized services such as legal or consulting fees.
- Step 3: Complete Application Form
- Fill out the financial aid application form provided by your MRC or respective body.
- Double-check that all sections of the form are complete and accurate.
- Step 4: Submit Application
- Submit the completed application and all required documentation to the MRC or delegated organization.
- Ensure the submission is before expenses are incurred, as any expenses before submission are not covered.
- Step 5: Receive Confirmation
- Wait for confirmation of receipt from the MRC or related organization.
- Keep confirmation for records and future reference.
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Here are additional relevant details for this grant:
- The programme primarily aims to support the entrepreneurial succession in Quebec regions, emphasizing the importance of local economic vitality.
- Applicants must ensure that expenses related to the services mentioned are incurred after the submission date of the financial aid application form to be considered eligible.
- The grant provider emphasizes collaboration with local economic development stakeholders for comprehensive support.
- Applicants can seek assistance and further clarifications from their respective municipal or regional county municipality (MRC) development services.
Apply to this program
Supporting the Transition and Acquisition of Regional Businesses
The Programme d’aide financière aux entrepreneurs provides financial assistance to help entrepreneurs acquiring a business in Québec, particularly by covering part of the costs associated with specialized services such as due diligence and the preparation of acquisition agreements. This initiative aims to promote business transitions and transfers in regional areas, ensuring that local economies remain vibrant and sustainable.
Detailed Overview of the Financial Assistance Programme
In recognition of the critical role that business transitions play in maintaining economic vitality, the Programme d’aide financière aux entrepreneurs offers crucial support to individuals seeking to acquire established enterprises in Québec's regional areas. This programme targets entrepreneurs who have secured funding through a Fonds Local d’Investissement (FLI), enabling them to gain access to specialized services needed during the acquisition process.
The programme is orchestrated by the Fédération québécoise des municipalités (FQM), demonstrating a strategic effort to facilitate economic development by assisting in the seamless transition of businesses from one owner to another. It directly responds to the challenges of succession planning and enterprise sustainability in regional communities, which are often at risk of losing local businesses due to a lack of interested successors.
Central to the programme's function is its financial contribution towards covering the costs of specialized services involved in the business acquisition process. Eligible expenses include due diligence to assess the fair market value of the business, the preparation of acquisition agreements, and professional fees for experts such as accountants, lawyers, notaries, and human resource specialists. By alleviating some of the financial burdens associated with these professional services, the programme empowers entrepreneurs to make well-informed decisions during crucial transition phases.
The assistance provided by the programme covers up to fifty percent of the total eligible expenses, capped at a maximum of $15,000 per beneficiary, exclusive of taxes. This financial structure ensures that recipients have significant support while also requiring them to demonstrate investment commitment through shared financial responsibility.
Additionally, the programme adheres to strict eligibility criteria to ensure funds are used effectively. The business must be legally constituted under Québec or Canadian law with a physical establishment in Québec. Furthermore, the entrepreneur, if not incorporated, must be either a Canadian citizen or a permanent resident, and possess an endorsed project that has already secured funding from a local FLI. This strategic integration with existing financial instruments maximizes support and prevents overlapping public assistance for identical projects.
The programme highlights the importance of involving professionals with validated expertise, ensuring that the process of business transition is handled efficiently and robustly. These professionals are crucial in providing the requisite knowledge and skills necessary for assessing the viability and detailed requirements of the business acquisition.
Encouraging the development and continuity of businesses in regional areas not only supports individual entrepreneurial aspirations but also sustains community economic resilience. The programme thus acts as a catalytic tool in safeguarding regional employment, fostering local innovation, and maintaining the socio-economic fabric of these territories.
The initiative spearheaded by the FQM represents a forward-thinking approach to regional economic challenges, striving to secure the future of Québec's rural businesses. As more entrepreneurs engage with this supportive framework, the potential for renewed economic vigor and sustained business operation across Québec's regional areas becomes significantly enhanced.
