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Succession planning is a process to effect the orderly transition of management and/or ownership of a business, done in fashion that best achieves the objectives of the transitioning owner.
At Scotia, we can help you effect a smooth and successful transition from your business, whether you are transferring ownership within a family or otherwise. Our unique approach encompasses your personal and business situation, and is part of a complete financial strategy. Your plan will reflect what matters most to you, your family and your business.
Why Plan Now?
A business often represents a lifetime of work and vision. However, despite almost three-quarters of business owners wanting to transfer control or exit ownership within the next decade, barely a third have a formal succession plan in place. Lack of a plan is also the most common reason family businesses fail to survive first-to-second generation ownership.
Leaving business succession to chance could allow someone else to decide what happens to your business, and potentially at significant cost.
Planning early also helps reduce the tax impact of ownership changes, as well as ensure a smooth and successful transition of the business to the new owner or owners. A successful plan will also help enhance the overall value of your business today.
Succession Planning Process
Each of the steps in the process of planning and enacting a successful transition is equally important.
Elements of a Succession Plan
An effective succession plan will examine all aspects of your financial situation.
Support and Resources
There are many sources of advice you can turn to for help in creating and implementing an effective succession plan.
Contact us for More Information
Arrange to speak to a representative who can help you get started or provide further information.
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