Often businesses are unsuccessful after the primary owner of the company stops working or passes away. Currently one third of all Canadian companies do not have a set out plan for the succession of their businesses. This can be avoided with careful planning, which many businesses often times neglect.
With excellent planning, businesses will have the knowledge on:
- How to preserve ownership within their family
- How to maintain their current and future partnerships
- Know whether or not to sell to a third party
- Who will be the next head figure in charge to take place of the current one
All of these are very important to think about before the transfer of leadership or it could potentially destroy the business.
For example, the owner of a family business is planning on retiring but is the only one who is related to the business in his 4-person family. He does not know how to equally distribute the company's power once he retires. He believes one of his sons is not worthy enough to take over the business while his other son is very hard working with lots of experience in that field. At our firm, we can help you create the best succession plan to suit your situation.
A.T. Financial has the trained professionals with the ability to help your distinct business build an individualized plan to carry on no matter what stage your business may be at. We have the strategies to help your business shelter taxes and provide earnings for those family members that may not be part of the company.