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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
     
Tax and legal consideration issues

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.

Exclusive online course on succession planning

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. 

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You’ve bought a business. Now what?

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 

Looking for an expert?

Transition planning can be a complex process — so we’ve teamed up with experienced professionals who can help you achieve the best outcome for you and your business.

CFIB members save 20% on all tickets for the Business Transitions Forum

CFIB members benefit from 20% off BuyAndSellABusiness.com’s services.

CFIB members enjoy a 60 day free trial for any sellers with 3 hours of one-on-one consultation services with Succession Matching

CFIB Members enjoy a 20% discount on all succession related talent matching services provided by BoomersPlus.

CFIB Members will be eligible for a 20% discount on all fees.

CFIB members are eligible for a 33% reduction on Knowledge Bureau books and courses.

CFIB members enjoy 20% off Effectuation Optimum's retirement solutions