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(March 31, 2008) Current business owner-managers and potential company successors have a new tool for developing and implementing successful business transfer plans to a new generation of managers and owners.

Developed by HEC Montréal and its partners, the original website [www.fromsuccesstosuccession.com] is intended to be useful to any person thinking about taking over or transferring a business.

“The issues surrounding a successful business transfer are crucial for the business community,” said Michel Patry, director of HEC Montréal, one of the developers of the site. “[With this site] we can provide entrepreneurs a tool that is relevant, complete, and current.”

The site follows three themes: Think, Choose, and Act. Within each theme the website offers potential successors and current owner-managers a framework for thinking and acting that is applicable to the specific situation of the company concerned.

“It is a real working guide that covers the human, strategic, tax, financial, and legal aspects of a business transfer,” adds Louise St-Cyr chair of SME development and succession.

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Securities regulators and credit union educator launch course to fight fraud

(March 31, 2008) Credit union employees will learn how to detect and prevent investment fraud by participating in a new training course developed by a group of securities regulators and the key education provider for credit unions across Canada.

The 30-minute online course teaches employees how to identify common types of investment fraud, recognize warning signs, understand the financial and social impact of investment fraud, and help those who may be at risk.

The course, funded by the securities commissions in British Columbia, Alberta, Manitoba, New Brunswick and Nova Scotia, is one of the new training courses offered by CUSOURCE Credit Union Knowledge Network, the strategic people development organization for the credit union system in Canada.

Credit Union subscribers to CUSOURCE Knowledge Network will have access to the course free of charge.

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Average bankrupt Canadian, average Canadian

(March 31, 2008) Hoyes, Michalos & Associates Inc. examined approximately 3,000 insolvency filings as part of their presentation to the Senate Committee on Banking, Trading and Commerce. The result was a new study that reveals that “a typical bankrupt is a male, 42 years old. He has one dependent and has a monthly income of around $2,071 and he has total unsecured debt of over $51,000.”

This is virtually the same profile of the average Canadian, said Douglas Hoyes, a trustee with Hoyes, Michalos & Associates Inc.

In Ontario, a record 42,434 bankruptcies were filed in 2007, up 8.2% from 2006.

The study was released to correspond to the federal government’s recent revision of bankruptcy laws. Trustee Ted Michalos commented that “the new laws, when enacted, will provide some relief to bankrupts with student loans and RRSPs, but bankrupts with tax debt or significant monthly income will end up paying more. We expect to see an increase in the number of proposals filed to deal with these debts. The new laws could also alter the profile of those we see filing for bankruptcy.”