Succession planning can be complex, especially if it is left too late. The CFIB recommends you “begin the process as soon as possible, if you have not already. If done properly, succession planning is not a one-time exercise, but should be an ongoing process that is regularly updated and amended as circumstances change.”
The CFIB succession planning guide is available online. It has useful and practical information for entrepreneurs from any jurisdiction.
Selling your business has tax implications. There may be opportunities available to you, depending on your situation. According to RBC, “after speaking to a professional advisor, you may want to revise your succession options, timelines, or business structure in order to maximize your tax benefit.”
To help you with succession planning, you can access the RBC Business Succession Planning: Your Essential Road Map. This guide will help you learn about:
- Creating your Team of Advisors
- Exploring Your Exit Options
- Determining and Maximizing the Value of Your Business
- Planning Your Retirement
- Tax Strategies
This is intended as general information only and is not to be relied upon as constituting legal or other professional advice.