(April 11 – 12:20 ET) – In response to the growing number of small and mid-sized business owners who are planning to retire or sell their businesses over the next several years, Bank of Montreal is expanding its package of succession services to more regions in Canada.
The bank is rolling out the “Succession Solutions” group of services to Windsor, Calgary and Montreal following recent successful introductions in other areas of the country. BMO plans to continue rolling out the new services in additional regions throughout the year.
According to the bank, one service helps owners to plan the sale of a business, and a second service helps entrepreneurs with buy-out financing of a business.
According to a survey by the professional services firm, Deloitte and Touche, 80% of privately owned businesses are expected to change hands in the next 10 to 15 years as today’s owners approach retirement. These are businesses that, according to the survey, account for $1.3 trillion in sales and employ six million Canadians.
The services offered by the back are designed to support business successors involved in:
- management buy-outs;
- inter-shareholder buy-outs;
- sale to a family member; and
- business-to-business acquisitions.
“Canadian privately owned businesses are strong generators of employment and economic growth in the Canadian economy,” said Derral Moriyama, senior vice president, small business banking. “BMO Succession Financing Solutions can help incoming successors continue to build on the success of today’s retiring entrepreneurs.”