A passion for SMEs
After completing university studies in sociology, psychology and education, Virginie worked as a consultant for major companies in the Saguenay region. She spent a few years helping others succeed, then started thinking about starting her own business.
That's when her spouse, Frédéric Gagnon, offered her an intriguing opportunity. She committed to revamping marketing at Gagnon Frères, a company led by the Gagnon family for three generations.
Virginie accepted the mission and started learning all about the furniture industry and the inner working of a small to medium-sized enterprise (SME). She quickly developed a passion for the SME environment, which contrasted with the typical corporate setting.
"I fell in love with the fast-moving SME world. The adrenaline and the different pace really spoke to me."
— Virginie Théberge, President and buyer at Gagnon Frères
From life partners to business partners
For two years, Virginie worked with every department at Gagnon Frères. She saw tremendous potential in the company, and her improvement projects were warmly welcomed by the team. She kept stepping up her initiatives. Meanwhile Frédéric, 15 years her senior, already had too much on his plate and wanted to slow down. "We asked ourselves what the next phase would look like," Virginie recalls.
The transition happened naturally, without fanfare or an official appointment. The initial two-year mandate turned into a business transfer project.
By seizing this opportunity, Virginie sidestepped several of the typical steps involved in starting a business. "Gagnon Frères already had numerous assets: an existing client base, a good reputation and years of expertise and knowledge," explains Elaine Tremblay, Senior Manager – Business Transfer at National Bank. "That means Virginie was able to focus on evolving the existing structure."
Modernizing, centralizing and promoting the business
Through her actions, Virginie eagerly took on primary responsibility for leading the company.
"Taking over a business isn't just about continuing what's already in place. It's about bringing in a new vision—modernizing, growing and transforming the business."
— Elaine Tremblay, Senior Manager – Business Transfer at National Bank
Driven by a modern vision, the business is undergoing an ambitious transformation:
- Centralizing its finances and marketing and standardizing its best practices in management and sales
- Building a 140,000 ft2 (13,000 m2) distribution centre—one of the largest in the Saguenay region—that allows all stores to offer a much wider range of common products
- Making capital investments, including adopting enterprise resource planning software that provides better access to sales data, renovating stores and developing markets in Quebec City and Lévis
A team success
With the rapid evolution of technology and consumer behaviour, managing a retail network has become very complex. No single person can do everything. "I quickly realized that I'm a team player and I need to surround myself with a strong group," adds Virginie Théberge.
During the transition, she welcomed three key individuals as minority shareholders, chosen for their complementary expertise and their long-term potential as successors. "This approach is part of a well-considered strategy for gradually transferring knowledge, responsibilities and decision-making power, which will enhance the organization's long-term sustainability," notes Elaine Tremblay.
A long-standing partner, National Bank has supported Gagnon Frères since its founding, making this company among the financial institution's oldest clients. The close relationship between National Bank and the Gagnon family has been especially fruitful.
The Bank meets the family's personal and commercial needs, providing assistance with growth plans, acquisitions and family wealth management.
"As business owners, we don't often talk about how much we appreciate our bank. National Bank has truly prepared us for the future—both in terms of investments and on a human level."
— Virginie Théberge, President and buyer at Gagnon Frères
What does the future hold for your business?
"Since 2009, National Bank has set up a dedicated team to support business owners in their succession projects, with a comprehensive offer under one roof," explains Elaine Tremblay.
By 2035, close to 120,000 Quebec SMEs could close due to succession challenges. "Rather than seeing this as a loss, and despite the uncertainty, we can view it as 120,000 opportunities to seize," says Elaine Tremblay. "Not everything needs to be perfect before you start a business. We're building the future right now."