Business Succession Planning

Total 60 Posts

Safe Space: Governance in Action

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For most businesses they evaluate their success by quarters or perhaps terms described as “short”, “medium” and “long”. For a family business, they measure success by ensuring the company is preserved for the next generation and beyond.  And despite the statistics which suggest that successfully transitioning a family business to the next generation is elusive, the goal for a large proportion of family businesses still is to transition the business….

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Business Succession Planning, Family Conflict, Small Business, Tax Issues

Trust Allocations and Gifts to Family Members

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A common estate planning technique is to structure a family trust which owns the shares of a small business corporation in such a way that allows each beneficiary (most commonly being members of the taxpayer’s immediate family – spouse and/or children) to participate in the sale or disposition of the business, thereby utilizing their life time capital gains exemption and potentially saving several hundred thousand dollars in taxes payable on….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, Investments, Property, Small Business, Tax Issues, Trustee, Trusts, Uncategorized

Enhancing the Succession Process – Engaging a Family Business Facilitator

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In my last blog I spoke about one of the biggest risks to the successful transition of a family business – poor communication among family members. Related to this is family dynamics.  It is often thought that one of the best ways to address this risk, is to involve the inactive spouse and all of the business owner’s children in the succession planning process. The challenge of a family business….

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Business Succession Planning

Individual Pension Plans Revisited

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A fellow blogger wrote very eloquently late last week about succession planning for family owned businesses. Regrettably, as she noted the statistics for the successful transfer of family businesses are not very good. With the introduction of the new tax proposals, the challenge for a successful transfer of business to the next generation has become even greater. One important aspect of succession planning is for the current owner/operator to be….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, Small Business, Succession Planning, Tax Issues, Uncategorized

Succession Planning

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In this blog I’d like to remind readers that the idea of “keeping it in the family” is still the most common response business owners provide when asked what they would like to see happen to their business after they have passed away. In fact, many business owners initially think that they will pass the business onto the next generation, usually their children.  Having been involved in this discussion often,….

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Business Succession Planning, Tax Issues

Private Company Tax Proposals

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October 2, 2017 saw the end of the 75 day consultation period offered by the Department of Finance.  The public response to the proposed rule changes was significant with the general public, industry bodies and professional advisors all weighing in on the measures.  So, what now? At a conference organized by the Canadian Tax Foundation which brought together members of the Department of Finance and tax advisors, Finance was unable to….

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Business Succession Planning, Estate Planning, Tax Issues
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