Business Succession Planning - Designed with Precision. Executed with Flair.
Why plan for business succession?
As Stephen Cover said, “Begin end in mind”. Every business needs to have exit plan and succession plan if you want to build value. A good succession plan will help the transfer of your business go smoothly, and allow you to maintain good relationships with employees and business partners.
Succession planning helps you:
When do you start planning, and how?
Start planning early if you intend to retire or exit from your business as the process could take up to five years. A business succession plan can help you make important decisions about ownership, maximizing your company's value and tax strategies.
In Canada, qualified small business, Fishing, Farming business, etc. has significant tax advantage when you sell your business, such as capital gain exemption. Make sure you plan with the right people and keep your hard-earned money within your family.
Review and update your plan regularly.
It is a good idea to contact key advisors such as accountants, financial consultants, bankers and lawyers when developing your succession plan. Communication with your successor(s) is important in order for them to understand their roles in the business and to allow them to collaborate with you throughout the transition process.
Some of the options to consider when planning for your business succession are:
Please seek out qualified professional help with someone who is experienced and with whom you feel like establishing a good working relationship.