We will work with you and the BMO Business Advisory Team to create very detailed business or practice succession plans. Our considerations can include:
Calculating how much you would need to be able to step away from the business or practice and retire.
Estate equalization solutions to help you bequeath a fair amount to each of your children, whether they are involved in your business or not.
Liaising closely with your accountant, we will coordinate your tax planning, estate planning, family trusts, wills, second wills for your company or practice, and more.
We provide services you will need if your kids are not able to, or interested in, taking over the business:
Help hiring business valuators to assess the value your business (at least a ballpark number to use in wealth planning).
Guidance in finding the right buyer to get the best value:
Assistance to interview and consult with prospective buyers.
Guidance in negotiating.
Insights on what you should look for.
We will help you to prepare the company for sale to maximize its worth.
The BMO Business Advisory Team can assist you with multiple considerations, including:
Planning before ownership transfer, sale or transition
Education on the sale process
Pre-sale strategies and structuring
Insights on industry trends and values
Transaction planning and support
Potential risk exposure
Blue-sky multiples and underlying factors
Valuation considerations and insights
General advisory, exit strategies and risk management
Sophisticated wealth transfer, estate and succession planning strategies
David B. Totten