Labyrinth inc. – A chat with Philippe Côté, Joint Shareholder of Versaprofiles

Labyrinth inc. – A chat with Philippe Côté, Joint Shareholder of Versaprofiles (2 min 31 s)

Added on May 17, 2021

Description
Philippe Côté, Joint Shareholder of Versaprofiles, talks about the process of taking over a business and how Desjardins helped make the transfer a success.

  

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Labyrinth inc. – A chat with Philippe Côté, Joint Shareholder of Versaprofiles (2 min 31 s)

Added on May 17, 2021 | Desjardins Group

Note: The information between brackets describes the visual and audio content of the video that is not dialogue or narration.

[Context: This video introduces the company Versaprofiles. Throughout the video, Philippe Côté, Joint Shareholder of Versaprofiles, answers various questions.]

[Background music]

[A yellow dot winds through the company name on-screen before taking place at the end of the name.]

[A marble is rolling around in a wooden maze game. Philippe Côté, who is concentrating hard, starts to laugh.]

[On-screen text: A chat with Philippe Côté, Joint Shareholder of Versaprofiles.]

[Phillipe sits down on a stool in front of a green background in the middle of the Versaprofiles warehouse. The Desjardins chevron appears above the left side of the green background.]

My name is Philippe Côté, and I'm joint shareholder of Versaprofiles.

[On-screen action: Philippe takes the marble from the maze game, then starts playing. The marble drops into a hole. Philippe makes a face.]

Argh!

[On-screen text: What is Versaprofiles?]

Versaprofiles is a thermoplastic extrusion company. We do lots of pipes and mouldings. Our goal is to become a major player in Quebec, and throughout Canada.

[On-screen text: How did you take over the business?]

I have a partner named Chantal Guillemette. We were colleagues before we became joint shareholders. We started a business succession process 2 years ago. It was completed last year, on April 1.

[Philippe is playing with the maze game again. The marble manages to go around several holes, but eventually drops into one.]

That's it, that's it … oh, no! This is tough!

[On-screen text: How did the transfer work?]

The process was pretty simple. From the moment Chantal and I decided to go forward with the takeover, that's the financing package [stage]. Then after that, it's on to negotiations to reach an agreement and then, finally, to close the deal!

[On-screen text: Is the transferor still around?]

Serge had a mandate to stay with us for 2 years. Now the 3 of us work together closely. It goes without saying that he acts as a mentor to us.

[Philippe starts playing with the maze game again, but loses yet again.]

Yes, yes …

[Philippe exclaims.]

[On-screen text: What was your greatest challenge during the transfer?]

It was definitely the financing package. We had to be creative, and Desjardins really pitched in so that we were able to close the deal.

[On-screen text: What made the difference?]

If Desjardins hadn't been there, I don't know if I would be one of the owners of Versaprofiles today! We didn't feel like they were putting their interests ahead of ours or wanted to tell us what to do. They wanted to work with us.

[On-screen text: A long-term investment …]

They invested in Chantal and me. And I think they also invested in the [company's] future. We want the company to stay in Quebec, in Canada.

[On-screen text: How did you go about creating the board of directors?]

I'd say the process was, to be honest, quite pleasant. Desjardins really helped us choose candidates who would make a difference on our board of directors. It was our choice, the whole time.

[Philippe is concentrating hard on the maze game. The marble makes it further through the maze.]

OK, now I'm going to get it!

[The marble still ends up dropping into a hole. Philippe lets out a low whistle. Philippe exclaims.]

Always the same spot!

[On-screen text: What's your outlook for the future?]

We've been joking about it, saying, having started [the business], done all this in the midst of a pandemic, we're not afraid of anything!

[The marble makes its way through the maze game. Philippe is concentrating hard. The marble gets to the end of the maze.]

OK … yes! I got it!

[Philippe looks up, smiling. A Desjardins chevron frames the bottom right of the area where Philippe is sitting.]

[On-screen text: Desjardins Business logo]

[Music stops. The Desjardins jingle plays.]

End of text transcript