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ARTICLE · 12 DECEMBER 2019

Is It Time To Start Your Succession Plan?

Borden Ladner Gervais LLP
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Whether you're a family-owned operation or a larger private company, a seamless ownership transition will inevitably take years of preparation and planning.

CanadaFamily and Matrimonial
Graham King
Graham King
Yaniv Saragosti
Yaniv Saragosti
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Like many things in business, succession planning isn't something you want to leave to the last minute. Whether you're a family-owned operation or a larger private company, a seamless ownership transition will inevitably take years of preparation and planning.

There are actually countless reasons for this. To effect a successful succession, you will need to address a wide range of factors — from tax planning, corporate structuring and governance to putting all the proper legal agreements into place.

Foresight 20/20

For instance, without a tax plan, an inordinate percentage of your hard-earned money could end up in the hands of the tax authorities. That is why you will need to take time in advance to devise a tax-efficient exit — one that positions you to reach your objectives and minimize taxes for both you and your successors.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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