Business Succession

As of 2015, small businesses employed over 8.2 million individuals in Canada, or 70.5 percent of the total private labor force. We have found that most business owners are so focused on the success of their business that they often neglect important business considerations - succession, planning for unexpected life events such as death or disability, or making sure that the terms of their wills, living trusts and powers of attorney complement their business planning objectives. For every business owner, there will come a time when the business needs to be transferred. RBC Wealth Management has a role to play in making sure the appropriate planning considerations are not overlooked and that they are planned for well in advance to ensure the most efficient transition.

I suggest downloading our Business Owners Guide to Wealth Management

 

We help Business Owners answer these top 10 questions for succession:

  • Key decision 1: What is the best structure for your business? 
    • Make the right choice for yourself
  • Key decision 2: How can you reduce taxes? 
    • Organize your business assets in the most tax-efficient manner
  • Key decision 3: What should you do with surplus cash? 
    • Preserve and maximize your surplus assets
  • Key decision 4: How can you build employee loyalty? 
    • Provide enhanced benefits to attract and retain top talent
  • Key decision 5: How will you reduce your risk? 
    • Safeguard your personal and business assets from creditors
  • Key decision 6: What can you do to deal with the unexpected? 
    • Prepare a plan to protect your business before adverse events occur
  • Key decision 7: Do you intend to retire from your business? 
    • Create an exit strategy for a smooth transition into a well-funded retirement
  • Key decision 8: Will you sell your business? 
    • Get top dollar by making your business more attractive to potential buyers and minimize taxes on the sale
  • Key decision 9: How can you keep your business in the family? 
    • Plan ahead to maintain stability in the business – and the family
  • Key decision 10: What will you do once you’ve retired? 
    • Develop a plan to ensure your retirement is as successful as your business