Thinking of exiting your business? Start here.
If you’re one of the thousands of business owners thinking of leaving the business in the next 10 years, it’s time to start planning.
Having a succession (or exit) plan in place will make the process of transitioning out of your business much easier. Without one, the future of your business could be at stake. Early planning will also help you maximize the value of your business.
While transition and succession planning can be complex, CFIB is here to help you with crucial tools, resources and professional advice.
Exploring your options
The first step in succession planning is to examine your role and vision for the business in the future. How will the business grow and evolve? What needs to be done to realize this vision? Generally, the options are:
- Selling the business to a third party
- A management or key employee buy-out
- Passing the business on to a relative
The tax and legal considerations are important factors in the successful implementation and outcome of any exit strategy, especially as many business owners rely on their business as their main source of retirement income. Professional advisors should be consulted early in the succession planning process. There are several tax planning opportunities to consider when determining business, personal and estate planning goals and strategies. For some owners, it may be best to transform their proprietorship or partnership into an incorporated business to benefit from some of the existing taxation vehicles.
CFIB members can take Vubiz’s succession course for free! The three-part course will help you plan for the transition, start the process of valuing your business and teach you how to get the best return on your investment when it’s time to sell.
- The 5 phases of a successful exit strategy (webinar)
- The 7 phases of buying an existing business (webinar)
- Planning for succession: how we’re fighting to ensure your retirement
- Lifetime Capital Gains Exemption – is it for you?
- Thinking of selling your business and want to know how much its worth? Try this free valuation tool.
- Six reasons to buy an existing business
Purchasing and running a small business is a huge decision that will impact your life for many years. CFIB is here to support you in this exciting new phase. With CFIB, you’ll get:
- More resources to deal with the daily challenges of running your business
- More savings on essential services, from payroll to payment processing
- A strong voice at all levels of government, so your business can thrive
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