As a business owner, sooner or later you will need to pass ownership and/or management on to others. At the same time, you will want to maximize the value that you extract from the business in order to protect your future.
Studies consistently show, however, that the vast majority of business owners in Canada have little or no succession plan in place.
But if you wait until you need it, you won’t be working from a position of strength. Even worse, an accident or illness may force you into action before you are prepared. Don't let a lack of planning detract from what you have taken a lifetime to build.
Succession planning involves setting into motion a series of events that will one day see a business survive a change of control.
For the current owner, it means receiving full and fair value for the business. For the business it means the security that it will retain its value and continue to operate. Along with finding the right people, planning involves tax considerations, cash for retirement, family or philanthropy, as well as legacy issues and more.
Like all aspects of your financial health, succession planning should be incorporated into your overall wealth plan. We can help.