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Professional advice can be invaluable and very essential if you anticipate that your business will have a market value based on something other you’re your personal skills and goodwill when you retire.
Although it is possible to structure your own business succession plan, the use of teams helps you to achieve a greater result.
The team members you choose to help plan your business success will depend upon the size and complexity of your business, its stage on the business life cycle, and your personal career stage.
Taxation and Business Succession Planning
Tax minimization strategies shouldn’t drive the business succession planning process. They should be an integral part of any decisions that are made.
Tax planning involves more than simply minimizing the taxes that you and your business pay on an ongoing basis.
The estate planning process is designed to accomplish the following goals:
Taking full advantage of tax exemptions available to you and other shareholders when you sell your business.
Deferring tax liabilities from one generation to the next.
Reducing any probate fees that may be charged to your estate upon death.
Structuring your estate to minimize the tax liability of your estate and help ensure that funds are available to cover this liability.
Business Succession Planning And The Business Life-Cycle
Owner’s Financial Planning
Survival Stage
Risk Management
Premature death
Will
Estate equalization
Disability
Critical illness
Retirement planning
Registered plans
Asset allocation
Non-registered saving plans
Other Savings Goals
Children’s education
Home purchase
Tax minimization
Business Continuation Planning
Premature death
Retirement
Disability
Critical illness
Business Loan
Business Succession Planning
Sell
Liquidate
Retain in family
Successor training
Buy-sell agreement among successors
Management transition
Estate Planning
Estate equalization
Family law
Powers of attorney
Estate freeze
Share redemption
Liquidity
Retirement Income planning
Family trusts
Spousal trusts
“Self-settled” trusts
PhilanthropySource : Business Succession Planning. A guide for Business Owners Sun Lift Financial, Canada.
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