We focus on Retirement Income Planning and offer insurance, and investment strategies to individuals, businesses, and families at all states of life.
As you build your business, you deserve to enjoy the benefits of what you’ve worked hard to build during your retirement years.
The right business success strategies can help ensure that the transition of the business’ operation and ownership is smooth and that you, your business and your successors aren’t paying more taxes than you need to.
A well-planned business succession actually begins many years ahead of the actual transfer of control and ownership.
Furthermore, a cost-efficient succession plan goes beyond simply promoting the next generation into leadership positions and selling them your shares. It includes preparing the financial situations of both the older generation looking to exit from the business and the younger generation that will take over.
A strategic business succession plan maximizes the value you get from the business so you can enjoy the life and retirement you’ve worked hard to build. A comprehensive plan minimizes the amount of taxes that both the buyers and sellers are responsible for.
The best succession plan for your business depends heavily on the type of business that you have and how it is organized, how your investment portfolio is structured, your current and future income tax situation, and many other factors.
While there is no one-size-fits-all business succession plan, our financial advisory experts can help you make the right changes at the right time to minimize the tax consequences and maximize the retirement income opportunities.
At some point, even the most passionate business owners start thinking about what their businesses will look like without their leadership or day-to-day involvement. Taking the time to formulate and thorough plan – including the appropriate preparations for the next generation – will help you maximize the value you get out of your business succession and minimizes the amount of taxes you’ll pay.
Part of a strategic succession plan is to provide the next generation of leadership with the skills and experience they’ll need to successfully take over the direction and operation of the business. Typically, this includes promoting them through a variety of positions so they gain a holistic understanding of how the business operates.
Likewise, ensuring their financial situation is ready for the transition of ownership will also help them succeed in their continued guidance and operation of the business. By supporting them in the months and years leading to the succession, we can help make sure they have the right investment portfolio and insurance products in place to reduce their tax exposure through and beyond the succession.
Successful business succession planning isn’t just about the logistics of selling your shares in your business. Let us guide you along the path of developing the right place to maximize the value you get from your business and to fortify your financial security.
Your business succession planning needs will evolve with your business.
In the beginning, when you’re full of enthusiasm and focused on getting that next sale. Who is going to succeed you in running the business might be the furthest thing from your mind.
But as you’ve worked hard to build a successful business, your thoughts might turn to how you can spend more time doing the things you want to do, enjoying the fruits of your hard labour, and starting to put the right people in place to take over the operations and management of the business.
This is the best time to start thinking about your business succession plan. With enough time, we can help make sure the business is organized properly, that your investment portfolio is ready for an influx of cash, that you have the right insurance plans are in place to protect against unforeseen circumstances, and that the transition of ownership minimizes the amount of tax you’ll pay so you get the highest amount of value out of selling your business.
Let our financial advisory experts help guide you and your business through a successful business succession so you get the most value out of the business you worked hard to build. Get in touch and let’s chat.