Business owners have unique financial needs compared to others. For starters:
- You have no pensions or employee benefits.
- You may have employees whose financial security rests on your shoulders.
- How do you pay yourself?
- Retirement is not a simple matter of just giving notice to an HR department.
- How do you turn an operating company into an asset to use for your retirement?
As illustrated by the three circle model shown here, there are potentially 7 different groups of stakeholders in your business and they may have competing interests.
We find this simple diagram is a useful starting point for disucssions when our business owner clients are struggling with decisions.
To enhance our ability to service these clients, BMO Financial Group has dedicated planners that specialize in planning for the succession of the family business and we draw on these resources when needed.
You spend your days working in your business, let us help you work on it.