Passing Your Business Down to the Next Generation
Owning a family business in Canada, especially when you’re nearing retirement, can pose some complicated questions. What will happen to the business if you are no longer running it? What rights will you retain to the business and for how long? Will you have enough money to retire? To which family member will you pass the business in the event of an emergency, disability, retirement, or even death? Should the company stock be controlled through a family trust?
It may be difficult to imagine a situation in which you no longer manage your business, but it’s important to have a contingency plan in place to help the process run smoothly. Our accounting firm is well equipped to help you answer these questions and adhere to Canadian regulations. We take the time to understand your situation and explain your options.
Family business succession planning is vital for the smooth continuation and success of your business and is something that should be considered long before the actual transition takes place. There are many obstacles to navigate, such as estate taxes and family dynamics. At Bell & Company, our accountants will help you to develop and implement an individually crafted succession plan to aid the passing of your family business from one generation to the next.
If you run a family business, take the time now to think about succession planning. Call one of our accountants to discuss your options.