No matter if you are newly arrived or have lived in New Brunswick for your whole lives, if you are in business you will need the support and guidance of professionals. Below we have made the first introductions to professional services in our community.
Please feel free to contact us directly for more information and direct referrals to our partner organizations.
Banks, Lawyers, and Accountants
When purchasing a business, your three most important resources will be a bank, a lawyer, and an accountant.
Banks and Financial Institutions
Fredericton has multiple major financial institutions, which can be broken down into two categories: banks and credit unions. Both types of institutions are typically open from Monday to Friday, and are closed on weekends; they also have Automated Teller Machines (ATMs) that are accessible during and after business hours, which allow you to withdraw or deposit cash,
deposit cheques, and make transfers between your accounts. In order to access ATMs, you will need to set up an account with an institution and open a debit account. Some people choose to open accounts with multiple banks, as they have different programs and benefits. Many financial institutes also offer online banking options.
You can set up appointments with each location in order to decide which financial institute is the best option for you.
Banks vs. Credit Unions – While both banks and credit unions offer financial support for their customers, credit unions are non-profit organizations and therefore are primarily member-focused; this means that the members own and operate the institution. This is in contrast to a bank, which is controlled by its stockholders.
We have build a strong relationship with our program sponsor, ScotiaBank, who are leaders in business banking and also banking for new Canadians. Please contact us for an initial introduction or visit our Partner page to learn more about their services.
Pictured right is Mark Lancaster who is not only a small business advisor with Scotiabank but a valued member of our advisory committee at succession connect.
For your convenience, find a Full list of financial institutions in Fredericton at this LINK.
Lawyers and Legal Services
In any transaction as large and as complex as selling a business there should be legal representation. The role of a corporate lawyer is to ensure the legality of commercial transactions, advising corporations on their legal rights and duties. These lawyers structure those transactions, draft documents, review agreements, negotiate deals, and attend meetings
In order to do this, they must have knowledge of aspects of contract law, tax law, accounting, securities law, bankruptcy, intellectual property rights, licensing, zoning laws, and the laws specific to the business of the corporations that they work for.
In Fredericton we have many lawyers to choose from and it is up to each business owner to select the representation that best suits their needs. We recommend that you have introductory meetings and gauge the expertise and personality of the lawyer prior to making your choice.
A NOTE ON COST: It is important to keep in mind that although legal representation can cost a significant amount of money you may not want to choose the lowest price. A higher paid professional may be able to complete the work in a much shorter period of time and you may avoid costly mistakes down the road.
We have build a strong relationship with our program sponsors, McInnes Cooper, who are a respectable law firm based in Atlantic Canada and specializing in all aspects of business law among many other areas. Please contact us for an initial introduction or visit our Partner page to learn more about their services. Pictured left is Michael Melvin who is not only a lawyer with McInnes Cooper but a valued member of our advisory committee at succession connect.
For your convenience, find a Full list of Lawyers in Fredericton at this LINK.
Accountants and Bookkeepers
While bookkeeping and accounting are both essential business functions, there is an important distinction. Bookkeeping is responsible for the recording of financial transactions. Accounting is responsible for interpreting, classifying, analyzing, reporting and summarizing financial data. The biggest difference between accounting and bookkeeping is that accounting involves interpreting and analyzing data and bookkeeping does not.
Many businesses use the less expensive services of a bookkeeper on a regular basis to inform their day to day performance and then also work with an accountant to help them make decisions and develop strategy.
An accountant can check that a company is operating within the law and any relevant guidelines – and can advise on any schemes or benefits that a company may be missing out on as well as offering advice on the best way to overcome financial difficulties. This type of advice and assurance is an extremely important resource when selling or buying a business of any size.
We have build a strong relationship with our program sponsors, Grant Thornton, a leading Canadian accounting firm who specializes in all aspects of your accounting needs as well as specializing in advising business owners through large transactions such as the sale of their business.
Please contact us for an initial introduction or visit our Partner page to learn more about their services. Pictured right is Krista Han who is not only an accountant with Grant Thornton but a valued member of our advisory committee at succession connect.
For your convenience, find a Full list of Accountants in Fredericton at this LINK.