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Succession Planning - Feed
Find the latest news stories from National Post on the topic Succession Planning. |
 Roadmap to retirementIt takes a strong, confident and optimistic personality to build and run a business -- but these qualities are not necessarily the most conducive to retirement planning and wealth management. For these, business owners need to let go some of their passionate, go-get 'em drive and think about rainy days, security, diversification and retirement. So, like everyone else, small business owners need to meet with their accountant, financial advisor and lawyer and set up a retirement plan, says Oakville, Ont.-based Patrick Pacenti of Edward Jones.
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 After the saleBusiness owners are more than just business owners; they are also individual men and women. And succession planning is not about an end; it's about beginnings and exciting new directions for the business, its new owners and the retiring owners.
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 Taming your tax liabilityTo ensure the best possible conditions when a business owner is ready to pass the helm to the next generation, succession planning can maximize the company's value from the start.
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 Learning to let goIt seems Queen Elizabeth II is not the only octogenarian holding on to the crown while the next generation, long passed retirement age, waits and ages.
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 Financing the sale"In all the succession plans I've done, I've only had one situation where the founders had enough wealth outside the business to basically just walk away, and if they never got another dollar out of the business, it wouldn't have mattered to them," says Don Zinyk, an Edmonton-based enterprise partner at KPMG, who has spent more than 28 years working with owner-managers and family-owned businesses.
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 Knowing your work's worthMost business owners have an idea what their business is worth, and many informally plan their retirement and estate based on that value.
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