Business Succession

A recent survey of Canadian entrepreneurial business taken in March, 2003 found: 

• the typical business owner is 47 years old
• plans to retire in 13 years
• has family members working in the business
• has done nothing to plan the succession of the business upon death, retirement or disability

What are your options? 

• sell the business to an outsider
• sell the business to a family member
• keep ownership but have a relative run it
• sell the business to an employee
• keep the business but have an employee run it
• close the business

Timing is everything – your exit strategy may take months or even years to detail.  This is especially true in a family succession scenario.  You should address this critical strategic business issue while the timing is in your favour.  The tax consequences plus the impact on the operation of your business by doing little or no planning is very costly.  If you want your business to pass on, now is the time to implement a Succession Plan. 

Once your planning is complete you would have: 

• solved family disputes
• preserved your business
• smooth transition from you to your successor
• taken care of your spouse, and treated your children fairly
• completed sound tax planning
• bankers’ and suppliers’ confidence is maintained
• employees are confident their jobs are secure and business will continue
• you have peace of mind

How can we help? 

ASSIST you by providing material to organize all important documents and material relating to your personal and business situation.  Provide direction as to where to obtain important tax and legal advise at no cost to you. 

ARBITRATE to help solve concerns of your family.  Work with your current lawyers and accountants to make them aware of the information you have obtained and get their suggestions for implementation of your plan.

ADVISE and provide the financial products necessary so your succession and estate plans are carried out in the most cost efficient way. 

10 Ways to Protect Your Business

www.hollettholdings.savetax.ca

I would Like to Discuss Business Succession Planning