Business owner contemplating the value of his business

Your Business may not be Worth as Much as you Think it is … Yet

Do you know how much your business is worth? And by worth, I mean what price it would realize if it was for sale today. Many times small business owners think their business is worth more than it currently is. This is often referred to as the value gap. If your business represents a significant part of the funding for your retirement, you will want to determine the amount of this gap sooner rather than later. …

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Succession Planning for Business Owners

How to Focus your Succession Planning for your Hard-Earned Business?

“Succession Planning” is a term that is being used a lot in today’s business world. It refers to the process of exploring your options so that you can protect the value of your hard-earned business investment and choose the right exit strategy that makes sense for you, your business, and your family. This process takes thought, planning and time to arrange and implement. Who should you include in your Succession Planning? Statistics show that most …

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Creating a Profitable Retirement Outlook for your Restaurant

How to Create a Profitable Retirement Outlook for Your Restaurant

It seems odd that a business owner would work his or her whole life on their business and then determine the business’s value based on what they “think “the business is worth, or an industry rule of thumb. If the sale of your business is going to fund your retirement you should know what your business is worth. Mr. Jones, A Quick Service Restaurant owner, has determined (based on industry rules of thumb, and conversations …

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Building Value before you Sell your Business

Building Value Before you Sell your Business

Whether you started your business from scratch or bought an existing business, it represents a significant asset into which  you have invested a lot of time, money, and effort. Owners want their business to be as profitable as possible, and to one day sell it and use the proceeds to help fund their retirement. As a business owner, you want to make your business look as appealing to potential buyers as possible. The first step …

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Succession Planning - Two Sales Assistant At Vegetable Counter Of Farm Shop

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

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 …

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Succession Planning: Keeping it in the Family, Without Starting a Feud

Succession Planning: Keeping it in the Family, without Starting a Feud

In my previous post, I emphasized the importance of long-term and comprehensive planning to ensure that a business succession is as trouble-free as possible, and will leave the most after-tax dollars in your pocket. When that succession plan involves passing the business to a child or other family member, a host of considerations come in to play. Many of these have nothing to do with dollars and cents. Interpersonal relationships can quickly complicate, even sink, …

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How do you Pass the Torch without Getting Burned

How do you Pass the Torch without Getting Burned?

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 …

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