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Succession Planning

Succession Planning is targeted at business owners who are thinking of winding up their business and retiring, selling their business, passing on the business to another generation, buying out a partner or offering a buy-in to a new partner. Learn about your one-time Capital Gains exemption, valuing your business, asset sale versus share sale, handling shareholders loans and investments, selling the business but not the property etc.
Transitioning from a business has many legal and tax implications and might not be as straight forward as it seems on the surface.
According to the Canadian Federation of Independent Business, 47 per cent of business owners with a small or mid-size enterprise (SME) intend to exit their business within the next five years and 72 per cent plan to exit within a decade.
However, the CFIB report said only eight per cent of owners surveyed had a formal, written succession plan. About 51 per cent didn’t have any plan and 41 per cent had an informal plan.