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Regardless of their activity sector, businesses are never sheltered from financial difficulties. When clients are struggling, Elise Lachance, Assistant Manager in Raymond Chabot Grant Thornton’s Recovery & Reorganization Group, steps in to help them navigate these rough seas.
What is your path?
I completed a Bachelor of Business Administration in Accounting, then continued my studies and obtained a Graduate Diploma in Accounting. I am currently a candidate for the CPA profession. I have been working in business recovery and reorganization at Raymond Chabot Grant Thornton since 2020. I did my internship here and I haven’t left since!
How could we describe your specialization?
When a company is experiencing financial difficulties, it comes to us. Our primary objective is to help it become profitable again. This can be done in different ways, depending on the company’s particular situation, its level of debt and availability of liquid assets. If, after analysis or following the implementation of a certain number of measures, it appears that the company’s recovery is not possible without applying the Bankruptcy and Insolvency Act (BIA), we need to resort to the BIA’s provisions that allow for restructuring, such as a consumer proposal or bankruptcy.
Can you tell us about a typical assignment?
We first assess the company’s ability to meet its short-term financial obligations and perform a financial diagnosis to determine the source of the problems. Each company’s circumstances are unique and there are several possible recovery measures, including finding new sources of financing or restructuring the company’s operations or finances.
We then develop an action plan with the company and follow up on the measures implemented to ensure that they are working. We also handle communications with creditors.
In cases where this does not work, sometimes we can issue a notice of intention while filing a consumer proposal.
Of course, we accompany the organization every step of the way, regardless of the solution chosen. We work in collaboration with lawyers, bankers, accountants, appraisers and tax specialists.
What do you most like about your work?
What I really like is that we are really involved in the relationship with clients from the start. I also like the fact that we work as a complementary team. Everyone has an essential place and a role to play.
Another thing I like is that the work is not routine. Even though the basic premise is the same, every case is different. We are always learning new things about our work or about a new industry that has specific rules, for example.
By helping companies with problems, we gain knowledge and experience that allow us to identify these problems more quickly and, in some cases, to intervene upstream.
What skills do you need to carry out this profession?
My colleagues often compare us to firefighters, because our goal is to put out fires. You have to be able to keep your cool! We also need good communication skills, as we are in close contact with many stakeholders. We have to be sympathetic and at the same time be as objective as possible.
It also requires a considerable adaptability, given the diversity of the companies. Curiosity is also essential, because we must never take the accuracy and completeness of the information provided for granted. We always seek to corroborate information, to ensure that it has been transmitted to us in its entirety and that nothing has been hidden from us, intentionally or not. This is what allows us to make the best decisions for the company.
Why did you choose Raymond Chabot Grant Thornton?
It is one of the best firms to practice this profession! Raymond Chabot Grant Thornton is a network of partners throughout Quebec who share their knowledge. We are well supported and our team is tightly knit. We work on serious matters, but we enjoy doing it. This is one of the team’s values and, for me, it’s important.