Business Improvements & Transition
You partner with us over 2 – 3 years to implement your action plan for a successful transition.
Action plans developed during the process of our assessments will be implemented to:
- Optimize the business value.
- Efficiently manage your tax obligations.
- Protect your assets.
- Expedite the sale.
- Transition to a successor should you choose this path.
We will partner with other professionals to ensure all tax and legal considerations are fully explored.
Click on any of the following areas for additional information on the guidance we provide.
Business Plan
We will guide you through the implementation of the business plan developed during the Business Health Assessment.
This may, where appropriate, entail the onboarding of your operations onto automated point of sales (POS) and bookkeeping platforms, using cloud technology. From which we will provide you timely reports on improvement opportunities relating to (where applicable) the management of; cash flow, inventory, sales, working capital and staffing requirements.
Succession Plan
We will guide you through the implementation of the succession plan developed during the Business Health Assessment. The goal being your successor acquiring the requisite training, experience, qualifications and support to best position her / him to successfully lead the business in the future.
One of the key objectives will be to make the successor (and / or key staff) a focal point of the execution of both the strategic and operational strategies developed in the Business Plan. An example being the development/training of your successor (and / or key staff) to be proficient in the generation, assessment, remediating and monitoring of reports/metrics. Which presents the best opportunity for your successor (and / or key staff) to have a deeper understanding of and engagement in your business.
Ownership Transition Plan
We will agree and formalize timelines for the transfer of ownership, control and roles and responsibilities from you to your successor(s). Timelines for all stakeholders to work towards.
This will likely entail the preparation and communication of a formal statement of the future intended direction and ownership of the business to family members and staff.
Partnering with you, we will promote regular open dialogues with potential successors. To ensure timely awareness of any changes in their desires. As this may allow for the timely pursuit of other alternatives, should the designated successor no longer wish to lead the business.
Provisions for gradual increased time away from the business by you during the transition period, to facilitate a deliberate effort to seek out a path to continue enriching your life through outside interests. To ensure you experience no “sellers’ remorse” later in life.
Wealth Preservation Plan
We will guide you through the implementation of the wealth preservation plan developed during the Tax Planning and Asset Protection Assessment.
Necessary steps will be taken to ensure your company
- meets the qualifications for Qualified Small Business Corporation (QSBC), for Lifetime Capital Gains Exemption (LCGE).
- And you can pursue an estate freeze, should you opt to transfer the business to family.
And we will partner with your lawyers (or recommend one) to determine the reasonableness of the representation & warranties included in your sale agreement.
Other considerations: Compensation
An equitable remuneration arrangement will be agreed and formalised as part of the succession, whether for part time services, in retirement, or a combination of both.
Due Diligence Preparation
We will help you implement processes to start generating the information your potential buyer and their bank will require to satisfy themselves that your business can deliver the value proposition you project into the future.
Post Succession Business Plan
We will partner with your successor to commence the groundwork for the development of their future vision for the business. The Post Succession Business Plan is the “survival kit” for the successor when he/she assumes the leadership of the business. And the more tools / strategies the merrier. The plan will include strategies to continue improving the business value proposition while staying true to the authenticity and expectations of the customers.
