Business Succession Planning

Have you done a financial check-up lately for your business?

Financial security planning examines all aspects of a business owner’s financial situation and is designed to ensure that:

• you have enough income in retirement to support your desired lifestyle;
• you are currently maximizing tax planning opportunities available to you;
• you have a savings plan in place to cover anticipated future expenses (for example, children’s education, or a recreational property purchase);
• the financial needs for you, your family, and your estate are met in the event of disability or premature death; and
• you have an estate plan in place, that takes advantage of a thorough estate and tax planning, and ensures that your estate assets go to your intended beneficiaries.
• Business succession planning is woven into the larger issue of ongoing financial security for you and your family. Business succession planning is simply the process of determining how you are going to transfer your business ownership and transition out of a business management role, while maximizing your personal financial security.

Business continuation planning is the process of identifying risks that may imperil your business. Also, looking at implementing risk management strategies to minimize, eliminate or transfer these risks. While a business represents a source of current income for many business owners, the value of the business can also represent a primary source of income in retirement.

Financial Security Planning strategies are critical not only for the immediate survival of the business, but to ensure that the business can be relied upon to generate the expected value for the owner. To ensure that all of your options are covered, call me at (604) 535-4306 to set up an appointment.