Business Succession

I want my kids to takeover the family business

Business Succession

Business succession planning is a process designed to assist the business owner to transition out of business and transfer ownership of business at the time of retirement while maximizing the business owner’s personal financial security

Purpose

Addresses all eventualities including the possibility of death, critical illness or disability of a business owner.

Who’s this for?

Key Person

Shareholder

Buy Sell Arrangement

Business Loan/Overhead Risk

Benefits

Value of your business can represent a substantial source of income in retirement, therefore proper succession planning can ensure that the risks to your lifestyle in retirement is minimized.
If your hope is to have your business continued by one or more family members, then you will likely need to coordinate your business plan with your estate plan and explore any tax deferral opportunities.
Any unforeseen events could lead to problems in your business without proper planning. Advanced planning can ensure that you, your business and family are protected.

Learn More

Latest News

Succession Planning for Business Owners

September 30, 2021

Business owners deal with a unique set of challenges. One of these challenges includes succession planning. A succession plan is the process of the transfer of ownership, management and interest of a business. When should a business owner have a succession plan? A succession plan is required through the survival, growth and maturity stage of a business. All business owners, partners and shareholders should have a plan in place during these business stages.

Easy Exit: Business Succession in a Nutshell

August 1, 2021

Getting into the world of business is a meticulous task, but so is getting out of it Whether you’ve just hit the ground running on your business or if you’ve been at it for a long time, there is no better time to plan your exit strategy than now.

Importance of a Buy-Sell Agreement

June 1, 2021

Working as a partnership between 2 or more individuals is never an easy task, and the situation only gets more complicated when one or more of them exits the business. Protecting not only the business, but your personal interests, as well as your family’s future are very important objectives for any business owner, and should not be overlooked.

Government of Canada to allow up to $400 for home office expenses

December 28, 2020

For the 2020 tax year, the Government of Canada introduced a temporary flat rate method to allow Canadians working from home this year due to Covid-19 to claim expenses of up to $400.

I want my kids to takeover the family business