At Scotiabank, we can help you effect a smooth and successful transition from your business, and manage the proceeds of sale, whether you are transferring ownership within a family or otherwise.
How to get started
Finding the right approach to exiting from your business will depend on your own expertise, the complexity of personal financial situation and the time and desire you have to manage your transition. Whatever you do, don't go it alone. There are many sources of objective advice you can turn to for help in creating and implementing an effective succession plan.
Considered all at once, business succession planning can seem a little overwhelming. However, at Scotia, we have the knowledge, resources and team of experts to help you take it one step at a time. The best time to take that first step is now.
Contact us for More Information
Arrange to speak to a representative who can help you get started or provide further information.
Keys to Successful Succession Planning
- Start the process early.
- Understand family issues/concerns.
- Open dialogue and communication with key stakeholders.
- Designate a team of professionals.
- Develop a written plan, including a clear timeline for the process.
- Link business succession plan to your personal financial plan.
- Consider estate planning within the framework of succession planning.
- Consider contingencies for unplanned exits as well.
- Communicate your plan and inform people of responsibilities/roles.
- Review and update regularly.
Related links
For additional information on business succession planning, you may want to visit some of these sites.
- Canadian Association of Family Enterprise
- The voice of family business in Canada, CAFÉ is dedicated to helping families build their business and provides some excellent succession planning resources.
- Canadian Federation of Independent Businesses
- With over 100,000 members, the CFIB has been representing small and medium sized businesses at the federal, provincial and local levels of government for over 35 years.
- Canadian Institute of Chartered Business Valuators
- The pre-eminent business valuation organization in Canada can help you find a Chartered Business Valuator.
- Grant Thornton LLP Chartered Accountants
- A site devoted to issues of interest and concern to family businesses, including succession planning.
- BDO Dunwoody LLP Chartered Accountants and Advisors
- Information on some of the tax issues surrounding business succession.
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