You've spent years building your company. When the time comes to step away, you need a plan that protects what you've created and supports the life you want next.
A thoughtful business exit strategy connects your company, personal wealth, retirement, tax and estate goals.
Decide what comes next
Every owner’s preferred outcome is different. You may want to:
- Transfer the business to family
- Sell to employees or management
- Find an outside buyer
- Remain involved in a smaller role
- Close the company and distribute its assets
Business succession planning helps you compare these possibilities and understand how each could affect your finances, family and future.
Prepare well before the transition
A successful business exit usually requires time. Starting early gives you more opportunity to address financial issues, strengthen the company and prepare yourself for the transition.
Your exit strategy may consider:
- The value of the business
- Your desired timeline
- Potential successors or buyers
- Corporate and personal tax
- Retirement income needs
- Insurance and estate planning
- Family expectations
Connect the business to your retirement
For many owners, the company is a major part of their retirement plan. Before selling the business, it's important to understand how much personal wealth you need and where future income will come from.
We coordinate corporate assets, personal investments and anticipated sale proceeds to help you see whether your plan can support the retirement you want.
Consider tax and estate implications
The structure and timing of a transition can affect the tax you pay and the amount of wealth available to your family.
Business succession should work alongside your estate plan. We help identify financial considerations and coordinate with your accountant and lawyer when specialized tax or legal advice is required.
Keep everyone moving in one direction
A transition may involve family members, business partners, employees and outside professionals. Each person may have different responsibilities and expectations.
We help keep your personal financial priorities at the centre of the process. This can make complex discussions easier to manage and provide greater clarity around important decisions.
Planning for owners across the region
From our Newmarket office, we serve incorporated professionals and business owners in Barrie, King City, Muskoka, Keswick and throughout North Central Ontario.
As the company and your plans evolve, we provide regular reviews and ongoing guidance to keep the strategy current.
