Royal Bank of Canada (TSX:RY) is teaming up with the Business Families Foundation, in Montreal, to offer a suite of support tools to family-owned businesses. The goals are to provide assistance in transition planning and help keep more businesses within families.
“We understand and appreciate the critical importance of keeping a family business’ legacy alive across generations,” says Wayne Bossert, deputy chair, RBC wealth management and head, Canadian private banking. “We’re pleased to partner with the Business Families Foundation and extend the great work they have done for over 20 years to help family businesses maintain their valuable contributions as they transition their business to their children and their children’s children.”
The partnership includes a financial commitment of $1.65 million from RBC over five years. The partnership will help produce an online education program entitled “Discovering family ownership,” with videos and courses focused on the challenges that family business owners face. Events and whitepapers geared towards business owners and their families will also be available. The program includes case stories, interactive models and self-assessments.
“Family businesses are the backbone of economies around the world, including Canada’s,” says Olivier de Richoufftz, president, Business Families Foundation. “With a large proportion of business owners set to transition their businesses in the next 10 years, it has never been more important to ensure the enduring success of family enterprises.”
The first online course, “Navigating ownership,” is currently available at no cost through registration on the program’s website. (http://businessfamilies.org/rbc/).
The Business Families Foundation is a non-profit organization that produces and distributes multimedia education for family companies in order to address the issues that these families and their businesses encounter.