Thank you, Peter.
Thank you to the committee members for the invitation to speak today.
I am here to speak in support of Bill C-208 because of my experience purchasing the family business from my parents.
When my parents decided to sell their business, they received an offer from a large direct writer. They ultimately chose to sell the business to me and my brother, because it was important to them to keep the business they had built within the family. They also wanted to ensure that their clients would continue to receive the same expert advice and personal touch they had come to expect.
Family-run brokerages are the pillars of the community and the lifeblood of the economy. They serve and support their communities in good times and bad by creating employment and donating time, money and other resources.
Many third parties purchasing family businesses are large companies with no connection to the community. Rather than supporting local organizations and sports programs, they tend to sponsor professional teams and events.
I sit on the board of a local children's charity, and our brokerage actively supports and volunteers for numerous community-based charities and children's sports teams.
Bill C-208 will not only support the family succession of brokerage firms and ensure stability for customers, but also help to maintain the social and economic contributions the insurance brokers provide to their communities.
In closing, this is an issue of equity and fairness. Business owners should not be penalized for selling their business to a family member. Tax implications should never be a consideration when making the decision to sell a business to a family member.
We should make every effort to support and encourage the intergenerational transfer of these businesses.
Thank you for your time.