BONNIE JAMES
LOCAL JOURNALISM INITIATIVE

FORT-COULONGE – The Pontiac Community Futures Development Corporation (SADC) held their annual Mingle Jingle festive business networking event on December 12 at their Fort-Coulonge office. The event featured a presentation on business succession titled “Prepare Today for Tomorrow’s Transition” by Randy Labadie of Labadie Financial Services.

Labadie gave a brief overview of the fundamentals of business succession, starting with the decision of whether to pass on the business while the owner is alive or after their death, and how either choice impacts capital gains.

Labadie stressed the importance of a holistic team approach in succession planning, including an accountant and a notary or lawyer. He also explained the significance of having a will and encouraged business owners to create a power of attorney or a protection mandate. He explained how capital gains can be reduced by carefully tracking all improvements made to buildings and equipment and encouraged business owners to prepare for every scenario and expect Murphy’s Law to apply.

Following the presentation, SADC Business Advisor Brittany Morin announced new funding available for businesses to finance transfer or succession planning in the form of loans ranging from $10,000 to $50,000. She also said that more new funding will be announced in the coming weeks.

Gene and Justin O’Brien of Edward O’Brien and Sons Farms were also slated to speak about their experience taking over the family farm but were not in attendance due to a scheduling mix-up. Morin plans to interview them on the topic and share the video on the SADC’s social media​.

Photo – Attendees with presenter Randy Labadie (back, far right) at the SADC Mingle Jingle event, Dec. 12, in Fort-Coulonge. (BJ)