Private Wealth Services
We understand the importance of family business, the hard work that has gone into building a private company and the desire one has for that to succeed through to the next generation or a third party. Many business owners have no wish to retire young, but even so require planning in place for the just in case situations. So whether you are years away from retirement or you see it just around the corner, advanced planning can help you build a successful transition to the next stage of your life.
Ownership Transfer Plan
Working with our RBC partners and your trusted advisors to develop a plan of transitioning your business to new owners:
- How to determine price
- How is this purchase funded?
- Tax-effective transfer methods
What would happen to your business and family without you?
Is your business set up to withstand a sudden change if you are no longer capable or able to manage?
- Review your business structure
- Key-persons who are they and what protects them
- Insurance / Disability needs
What Safeguards Your Personal and Business Assets from Potential Creditors?
A business owner will usually hold some risk and perhaps liability risks from potential customers/employees, onsite accidents, etc.
- Are your assets protected from creditors?
Next Generation Planning
If you have one or more family members whom you believe can be the successor owners of your business. We will work with you and your family to:
- Review how to structure this purchase for the success of all parties
- Structuring for equalization among all children
- Ensuring the successor owner retains control if other family members own shares
- Effective communication for family peace
Investing and Tax Management
Are Your Investments Diversified When Using Different Advisors?
We will provide you with an exposure management review to include:
- Combined summary of all investments held in each portfolio
- Overlap of any holdings and, if so, which portfolios
- Complete asset allocation and risk assessment for total holdings
Are Your Business and Personal Assets Organized in a Tax-Efficient Manner?
This area will look at the overall structure of your entire net worth. Your accountant may look at each individual aspect at tax time; we will ensure that the total picture is being considered and your net worth and income is organized in the most tax-efficient manner
- Income splitting with family members
- Use of holding companies /family trusts, etc.
- Dividends vs. salary
Tax Time Personal & Corporate Income Tax Filing
Our team will provide you with our tax support program which frees up your time to focus on your business and family. Your authorization allows us to fully coordinate tax information directly with your accountant, including both personal and business account information.
Are You Providing Your Employees with Benefits to Retain Their Services, and Have These Benefits been Reviewed?
We work with our partners at RBC in Group RRSP and Group Benefits to assist business owners with a review of their employee benefit packages.