Business Succession Planning and Risk Management
We are Business Succession Planning and Insurance Experts
Our clients are business owners like you.
Dr. Tom Deans talks about business succession planning.
Do you have a plan...in writing?
If you are like 85% of the business owners in Canada you do not have a written succession plan. You are too busy running your business to worry about planning the succession of your business. But one day the ownership of your business will change and being prepared for that day is important. It could be tomorrow.
Transferring the ownership to family members, an internal management team or selling to a new buyer all requires planning.
We help business owners prepare and plan for the eventual succession and change of ownership of their business.
Who will buy your business? There are lots of buyers.
Our team of is a seasoned network of accountants, lawyers and business brokers who are experts in their field, together we help business owners sell and transition their business to new buyers, family members or internal management.
It can take 2-3 years to prepare a business for sale in order to minimize tax, maximize shareholder value and even longer to find a suitable buyer. Business owners should consider a 5 year time frame when planning to exit their business.
We understand the importance of great employees to the success of a small business and help design employee benefit plans that are both comprehensive and affordable.
In many cases, we install health spending accounts for the small business owner that is reluctant to have a fully insured plan due to the unpredictability of the annual premium.
The health spending account is a great way to contain and lower the costs of traditional plans. Group retirement savings and deferred profit sharing plans are another great way to build loyalty.
We help the business owner plan for their retirement. We show them how to move money out of the operating company tax-efficiently into RRSPs, Individual Pension Plans (IPPs) or other tax-sheltered and tax-advantaged investments.
Business Successions Strategies
One day your business will be sold.
It can take up to 5 years to sell a business. Even if you have no immediate plans to sell your business being prepared is important.
It can take two years to correct shareholder issues so that the $800,000 small business capital gain deduction is fully utilized and another year or more to find a suitable buyer.
• The accountants review and “normalize” the financial statements so that they reflect the true value of the business.
• The corporate lawyer will review the shareholder agreements and make any necessary corrections and make sure the “buy-sell” is properly funded.
• The mergers and acquisitions people, (business brokers) will be beating the bushes to find a synergistic buyer who will pay a multiple of your company’s valuation.
If you have not started preparing your business for sale, now is a good time.
Our goal is to help you build and protect your financial security!
(Complete the Contact Form to immediately download our complimentary Business Succession White Paper to learn more.)
Nick Godfrey, the owner of ProInsure, has sold 3 businesses. He is a business insurance expert who learned that many of his business owning clients did not have a succession or exit strategy. Eager to help Nick developed a 5 step process and net-work of business planning experts to help owners sell their businesses and fund a full and well-deserved retirement.
Nick has been an Oakville Ontario resident for more than 20 years. He is an avid hiker, fisherman and outdoors man who loves to explore the local Conversation Halton recreation areas with his wife, son, daughter and springer spaniel.
Nick is also the Chairman of the Oakville Ducks Unlimited Canada annual fundraising dinner.
"Hope for the best but plan for the worst."