Succession Planning

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The question of who will own your business after you have moved on is rarely a simple one. Whether it is passed down within the family, transferred to non-family managers or sold to an outside purchaser, this decision will likely be based on more than a tax-saving strategy. We can help you examine and evaluate your options and consider how to structure a transaction that meets everyone’s needs.

Our succession planning services cover the following areas:


Identifying Objectives

It's tricky to work out when and how to leave your business. Ideally, the planning process should start five to 10 years before you want to leave or sell to allow time to:

  • Identify and prepare a successor
  • Put tax and insurance strategies in place
  • Calculate the financial needs of all parties
  • Assess the value and marketability of the business; and
  • Take steps to retain its value by preparing the business for sale or internal transfer.

We will work with you to decide whether to sell the business or transfer it to your family, management or employees. We will also help you plan your departure, and calculate your financial needs for the future.

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Selling Your Business

You have worked hard to build a business and make it a success, but may decide it's time to sell. We can oversee all issues relating to selling your business and will be involved in the transaction, from start to finish. We will make a preliminary assessment of your company's value, identify and communicate with potential buyers, negotiate and assess bids, prepare documentation, and offer you continuous support until closure.

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Planning Your Succession Strategy

Before you can successfully transition your business to new ownership or management, or even adopt a new business direction, you need to develop a long-term strategic plan in consultation with key players. This should outline where the business is heading, what it will take to get there and who will be responsible for keeping each aspect of business operations on track. The key is to plan early to make sure you are prepared.

We will help coordinate planning sessions with management, shareholders and boards of directors to ensure all matters relating to your succession will suit your best interests and those of your company.

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Choosing Your Successors

The first step in deciding who will run the business is to identify your management needs, and then align them with your long-term business strategy. Next, you need a plan to attract and retain talented people, and be able to groom them for senior roles. A well-planned succession improves the likelihood of a successful transition and increases the value of your business to investors or purchasers.

We can help assess your organization's leadership needs, develop a plan to identify and groom potential leadership candidates and plan for the gradual handoff of management functions.

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Making a Smooth Transition

The decision to move on from your company can be difficult, but ensuring the company and all those involved emerge from the transition as smoothly as possible is critical. Beginning the process well in advance and establishing open lines of communication with all stakeholders will better position you to make a smooth transition. Whether you choose to sell the business, or pass on your leadership to another individual, adequately grooming the company and a successor is key.

We can help to outline your succession strategy, establish a timeline to transition leadership and help bring all financial matters and underlying aspects of the business in order.

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