Family Business Services

Managing the business of the family

Families are constantly changing as they adapt to new social and financial demands. From assessing the best charitable giving strategies, protecting and diversifying family wealth, managing family cohesion and establishing family governance, managing the business of the family can be complex and time consuming. A well-established family business gives you back the time you need to focus on your family legacy and turn your vision into reality.

At PwC, we value that successful family firms are those that balance professional management, business ownership, and a healthy family dynamic.  As a team, we focus on the unique dynamics of family businesses and have a wide-range of tools and experience to help you maintain family harmony and business harmony.

Our integrated approach

We understand that as family-owned businesses, you face unique challenges, but also recognize your unique strengths. As a family business, you measure success based on generations, and values. Our Family Business Services are customized to fit your family’s unique requirements. We achieve this by assessing your family, business, and ownership needs and focus on the intersect points that present both opportunities and challenges.

Planning & Governance

Each family is unique and each member of the family brings their own knowledge and experience. Finding harmony and agreement amongst these voices can be challenging. Our Family Business Services can help facilitate family communication and governance to ensure your family’s wealth transfers across generations.

Planning & Governance Services:

  • Family facilitation

  • General education and planning

  • Succession planning

  • Family and corporate governance

  • Evaluation of entrepreneurial ventures

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Investment Management

You’ve worked hard to build your family’s wealth. You may have significant investments in real estate, securities, and artwork. Understanding how that wealth is invested, protected, and distributed is important. Investment monitoring, reporting and education are just a few areas where we can add significant value.

Investment Management Services:

  • Investment tracking and performance reporting

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Accounting & Tax Services

There are a number tax returns that must be prepared for your corporations, your trusts, and your individual family members. International investments or non-residents add significant complication to that reporting. We can help you take care of the annual reporting and ensure proper planning is done to efficiently plan your affairs.

Accounting & Tax Services:

  • Compliance / tax preparation

  • Financial statement preparation

  • Tax and estate planning

  • Assurance / Audit services

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Charitable Giving

We can assist you with determining your family’s gifting philosophy, establishing charitable foundations, or selecting appropriate charities for gifts. The timing, and nature of your family’s charitable gifts can be done to maximize tax credits and minimize tax bills.

Charitable Giving Services:

  • Facilitate setting up foundations

  • Planning and executing charitable donations

     

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Legal

In addition to your annual resolutions and corporate filings, additional legal documents will need to be prepared for any transactions undertaken during the year. These transactions may include tax planning, real estate transactions, or even your will preparation.

Legal Services:  

  • Corporate

  • Trust

  • Partnership

  • Transactional

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Administration

We can take care of many of the behind the scenes tasks that must be completed on an ongoing basis. This includes bookkeeping for your family’s investments, forecasting cash needs, document retention and filing, and evaluating your various insurance requirements.

Administration Services:

  • Personal financial management

  • Bill payment facilitation

  • Document and record management

  • Cash flow reporting and forecasting

  • Risk management

  • Trust administration

  • Real estate advisory

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Family Facilitation

Family businesses generally fail for family reasons, not business reasons. And during times of succession, a lack of family harmony can create stress and conflict for all members. For that reason, it’s important that business-owning families consider family facilitation.

Family Facilitation Services:

  • Optimizing leadership/management impact

  • Conflict assessment and resolution services

  • Advisory boards, family and business governance

  • Transfer and management of wealth

  • Tax, wills and estate planning

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HR Advisory

All businesses, regardless of size, are faced with many challenges as they manage the talent behind the business. We help our clients to identify HR issues that may affect their ability to efficiently manage their talent and business performance.

HR Advisory Services:

  • HR strategy and alignment

  • HR function maturity assessment

  • HR operating and service delivery model

  • Culture assessment

  • HR enabling technology

  • HR business processes

  • Stakeholder engagement and management / communications / training, and business change readiness

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Meet your team

As a team, we focus on the unique dynamics of family businesses and have a wide-range of tools and experience to help you maintain family harmony and business harmony.

Dedicated to delivering objective advice and insights, we’re here to guide you through your journey to success. We’d like to introduce you to some of our talented team members for a look into how we can work with you to achieve lasting success across generations.

Find your local contacts

Bill McLean
Canada Family Enterprises and Business Leader, PwC Canada
Email



Contact us

Bill McLean

Canada Family Enterprises and Business Leader, PwC Canada

Tel: +1 416 869 2323

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