Share Sale vs. Asset Sale: A Seller's Guide
Sellers prefer shares. Buyers want assets. Why, what it changes tax-wise, and how negotiation settles the question.
Analyst
Trained in M&A investment banking on major transactions, Léo Paul applies the same rigor to Quebec SMEs. His clients speak of a “warm rigor” — analyst in the model, accessible in the explanation.
Léo Paul Rousseau was trained in M&A investment banking, on major transactions. That's where he learned to build financial models that hold up under scrutiny from the most demanding buyers and their due diligence teams, to structure complex transactions, and to run processes where no detail can be improvised.
At RCA, he applies that same rigor at the scale of Quebec SMEs. What major transactions take for granted — discounted cash flow, industry multiples, comparable transactions, sensitivity modeling — becomes standard tooling on every engagement.
When he signs an article, it's that double competence that speaks: the analyst's method applied with the intuition of someone who has used it on real files. His texts move between the rigor of a defensible model and the clarity expected by an owner making a major decision.
What sets him apart is what his clients call a warm rigor: rigor when the model is built, warmth when the choice is explained.
14 articles published
Sellers prefer shares. Buyers want assets. Why, what it changes tax-wise, and how negotiation settles the question.
The Lifetime Capital Gains Exemption can save hundreds of thousands of dollars in tax. The three conditions to meet and how to prepare.
How a capital gain is calculated when you sell a business, why the structure changes everything, and what you can actually optimize.
Vendor take-backs are common in SME sales. What's normal, how to protect yourself, and when to push back. A guide for Quebec sellers.
The price on a LOI is just the surface. Structure, conditions, and exclusivity decide what the seller actually receives. A guide for SME owners.
How financial modeling helps defend your price, validate financing, test scenarios, and spot a lowball offer before it costs you.
What buyers verify during due diligence, the mistakes that derail deals, and how to prepare your virtual data room before going to market.
Business valuation expert, CPA or broker: each answers a different question. Here's who to choose based on your objective.
Success-based fees, retainers, or hybrid models: how broker compensation is structured and how to assess the ROI for Quebec SMEs.
EBITDA multiple ranges by industry for Quebec SMEs, plus what moves your multiple and the valuation pitfalls to avoid.
The value of an SME depends on factors the owner can influence. Which ones, and how to improve them before the sale.
Adjusted EBITDA is the first number a buyer calculates. Definition, formula, common adjustments, and impact on the value of an SME.
DCF, comparables, asset value: each method lights up a different angle. How to use them together to defend your SME's price.
A snapshot of Quebec book publishing: local creativity, consolidation, and new consumption patterns reshaping the sector.
A confidential conversation — no cost, no commitment.
Confidential · 48-hour response · No commitment
This site uses cookies to measure performance and improve your experience. Privacy policy
Essential cookies
Required for the website to function properly.
Google Analytics — traffic and behaviour measurement.
Google Ads, Facebook Pixel — advertising conversion tracking.