Planning for the succession of your business can be very complicated. This is why we have developed this succession planning guide to assist business owners how to successfully accomplish the transition process.
Although succession plans will be different for different businesses, there are many steps that are common to any succession plan. The common steps outlined in this guide are:
- Exploring your options
- Keeping the business in the family
- Selecting and preparing a successor
- Planning a management buy-out
- Determining the value of the business
- Selling the business
- Financing the succession plan
- Understanding the tax and legal issues
- Managing wealth to secure your future
SUCCESSION PLANNING TIPS FOR SMALL BUSINESS OWNERS
Watch this short video prepared by our Manitoba office.
Also included are different possible scenarios for succession, and under what circumstances the business owner may want to consider them.
The overriding theme is to begin the process as soon as possible, if you have not already. If done properly, succession planning is not a one-time exercise, but should be an ongoing process that is regularly updated and amended as circumstances change.
Finally, never forget that CFIB is here to help you. Make sure to check out our business support page for exclusive member support. Good luck!