In March 2022, the co-founders of the Ad hoc research company handed over the reins of their company to nine of its executives. Despite the challenges this posed, sellers and contractors can say today that it’s mission: successful.
When Michel Berne and his partner, Stéphan Harris, started talking regarding succession, they had two options: sell to a third party or hand over to a group of executives who were already minority shareholders in the company they founded. in 1984 and specializes in marketing research.
“Since the early 2000s, we had opened up shareholding to some of our key employees with a view to retention. In the spring of 2019, we told them regarding our plan to prepare for our outing. After a period of reflection, their response was unanimous. We were happy since it was our preferred scenario,” explains Michel Berne, senior partner.
“It was clear that we didn’t want an outside sale,” says Kimberley Campbell, vice-president, partner and member of the shareholders’ group. We had an attachment to the values of the company that we made ours. We wanted to bet on continuity in order to build on what was already there. »
“We were also taking over a business in good financial health that can count on a fine line-up of loyal customers. These were positive elements. The challenge was to change our mindset from employee shareholders to entrepreneurs and business managers. »
Both employees and customers welcomed the news. “There was no shock or doubt as to the sustainability of the company,” says Michel Berne.
A supporting role
What also made the relievers’ decision easier was the fact that the two co-founders said they wanted to stay with the company until 2026.
“We wanted to do things in an orderly fashion,” says Michel Berne. We are here to support them in the transition. We understand that our role has changed. If, before, we were those who had our hands on the wheel, today, we are more their GPS. We are always there to help or advise. »
Finance the transfer
For succession financing, sellers and buyers have benefited from the support of the firm EC2 Finance.
“Their experts were very helpful to us,” says Michel Berne. They explained to us the different financing options available to us. They also established financial forecasts over several years and prepared the documentation in addition to soliciting financial backers. We just had to select the financial partner with whom we wanted to do business. »
They made sure to have a financial structure that allowed the next generation to breathe. The co-founders also decided to remain shareholders, so they did not have to grant a sale balance. “We believe in the company’s growth potential, so we want to take advantage of it,” maintains Michel Berne.
The transaction was finalized in March 2022.
Distribution of roles
By taking over with nine partners, the buyers had to wonder regarding the distribution of roles.
“Above all, we didn’t want to be new to managing the business on a day-to-day basis,” explains Kimberley Campbell. Roles and responsibilities have been divided among us according to our interests and expertise. Ad hoc has always been a very flat business. We continue in the same vein by managing collectively. »
“As we have worked together for several years, we know each other very well. It makes things easier. We also signed a moral contract where we made a commitment to the company and to the group,” she adds.
On the advice of a consultant, they also created an executive committee on which sit four shareholders, namely Stéphan Harris and three members of the feeder group plus the director of human resources, which meets weekly.
The next generation is now well in the saddle. “We no longer have any embarrassment to find ourselves in the seat of leaders, affirms Kimberley Campbell. We make decisions, we move things forward. »
AD HOC RESEARCH
Founding date : 1984
Activities : marketing research and surveys
Shareholders: Daria Balazinski, Lionel Bohbot, Cathy Bourget, Kimberley Campbell, Cedrick Hached, Erica Horn, Richard Saint-Pierre, Nathalie St-Laurent, Patricia Thomas, Michel Berne, Stéphan Harris
Number of employees : 90 (plus a hundred part-time)
