Modern business valuation techniques do not properly account for a critical strategic factor: employment liabilities. Aside from objective liabilities, such as unfunded pensions liabilities, the employment relationship in Canada is difficult to measure because often no financial liability arises until an unknown crystalizing event, such as a dismissal. And even when it does arise, it is unique to each impacted employee because employment law is a complex and layered subject. One critical concept, among many, is common law reasonable notice. Reasonable notice impacts every employee but it is not cited in any statute, much less accounted for in any financial statement.

Join Alex Kagan (Partner, Aird & Berlis LLP) as he examines the fundamental principles around employment law and how they practically impact a business valuation, especially in context of the sale of a business. He will examine when employment liabilities typically crystalize; how to price them into a transaction; and how to contain them post transaction. Alex will discuss the utility and limitation of employment contracts, and the critical factors that shape and define employment liabilities in a transaction, such as the crucial distinction between a share purchase and asset purchase.

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