Plan for the future with our succession planning services in Burlington, Oakville, Hamilton, and surrounding areas
You’ve worked hard to build your business, grow your team, and achieve success. When the time comes to exit your business, it’s important to plan your succession strategy on your own terms.
Whether you are looking to retire, sell, or transition your company to new leadership, a succession plan will provide a strategic map of what should be executed, how, and by who.
What is Succession Planning?
Succession planning is a strategic activity focused on the planning and execution of the transition of management and possibly ownership of a corporate group to a new set of managers and/or owners. The development of the plan is focused on ensuring a seamless transition to the new managers/owners to ensure that operations of the business are not negatively affected and the company is well positioned for continued growth.
Who needs a succession plan?
We believe that all businesses should be built on the premise that they will be sold at some point in the future. As a result, any business that is past the start-up phase can benefit from some aspects of succession planning. In most cases, the owner’s original plan may be to just sell to a third party but, as time goes on, that plan may change to include other options such as a transition to next generation family members or a management team buy-out. Regardless of which option will occur, it is important to identify the options and then start to plan for how the plan will be executed.
What are the benefits of Succession Planning?
A good succession plan will allow for an easy transition without having negative implications to the business. Ideally, you want to ensure that the company continues to operate as well under the new owner as it did for you during the number of years that you owned it. If you succeed in this area, you will maximize the value of the company for you on your exit.
Set up a complimentary call to discuss your succession plan!
Our advisory experts will help you successfully plan and smoothly transition your business ownership.
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Frequently Asked Questions (FAQs) about Succession Planning
Succession planning should be started 3-5 years before you exit your business. The timeline depends on the structure of the business, its complexity, the industry and who you see as the next owner of the business. Starting the process early is always best especially if significant changes may be needed to the business to position it correctly for succession. In addition, succession plans can change over time for various reasons, so your plan is never a static document. Instead, it is something that should be reviewed on a regular basis to determine if any changes are necessary.
Depending on the situation, succession planning may involve a number of different areas but at a minimum, it would consist of:
- Assessing the options available for succession candidates
- Reviewing the corporate structure and adjusting as necessary for both operational reasons but also to allow for the efficient transfer of the business from a tax perspective
- Ensuring the proper operational team is in place to ensure the continuity of the business
- Assessing skill gaps and training needs for the company team
- Reviewing the capitalization of the company to ensure its financial success
- Tax planning
Talk to one of our advisors about how having additional corporations could reduce your exposure to risk and also streamline the operations of your business.
We work with a variety of organizations to support their succession planning including:
- Private businesses who want to plan for their family to take over their business
- CEOs of companies who are looking to retire
- Entrepreneurs who are looking to sell their business
- Business owners planning ahead for any unforeseen events or unexpected opportunities
SB Partners provides succession planning services to clients in Southern Ontario including areas such as: Burlington, Oakville, Hamilton, Mississauga, Brampton, Guelph, Kitchener, Milton, Cambridge, Grimsby, St. Catharines.
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Related Services
Accounting and Assurance
Accounting and assurance services give you the information you need to make informed decisions by revealing the financial health of your business and where it’s headed.
Advisory
Accounting and assurance services give you the information you need to make informed decisions by revealing the financial health of your business and where it’s headed.
Get in touch with us
Do you have a question for SB Partners? Need help to understand your business financials or value? We’re here to help with all of your accounting needs, please get in touch today.
Email us at help@sbpartners.ca or give us a call at 905-632-5978 or toll-free at 1-866-823-9990.
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