Your retirement plan is to sell your business. Fair enough. But will the proceeds be sufficient to support your desired standard of living in retirement? This is my last post on the subject of succession planning. In my previous post, I presented some of the considerations and options that pertain to passing on a business to heirs that may be children or other family members. Selling to a third-party outside of family can be more challenging. As …

Succession Planning: Don’t Blame the Taxman if you Failed to Prepare Continue Reading

A succession plan that leaves the most dollars in your pocket is years in the making. Two years ago, the Canadian Federation of Independent Business found that about 54 per cent of its members planned to exit their businesses within five years, but only nine per cent had any formal written exit plan. Around the same time, KPMG, on behalf of the Canadian Association of Family Enterprise (CAFE), found that only 11 per cent of 322 family businesses surveyed had …

How do you Pass the Torch without Getting Burned? Continue Reading