Business Succession and Transition Planning
North America is in the midst of the largest inter-generational transfer of wealth in history as the ‘boomer’ generation ages and moves into retirement. Statistics show that an alarming percentage of Canadian business owners do not have a written succession plan in place to provide for their golden years and protect their hard-earned capital.
Business owners have limited options available to them when planning to leave the business – sell to family (children), sell to employees (management take-over), sell to a third party (competitors, suppliers) or wind the business down and walk away. If you are relying on your business as a source of retirement income, it is essential that you have a plan to convert the value of your business into cash in order to finance your retirement. 
Rewards of succession planning:
- Enhanced business value
- Minimization of taxes
- Source of retirement income
- Cash for surviving family members in the case of disability or death
- Improved family harmony
- Greater chance that the business will continue and survive
- Sense of legacy and peace of mind
Developing succession strategies requires care and advance planning to ensure a successful transition. There are many factors involved in planning for business transition and it is important that professional legal, accounting and tax advice is obtained. Succession strategies for tax purposes can often include independent valuations, corporate reorganizations, shareholder agreements, estate freezes and other tax structures.
Benefit from EPR’s knowledge and experience
To find out how our succession planning services can help you achieve your goals, please contact us today.
An Independent Member Firm of EPR CANADA Group Inc |
