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SUCCESSION OF THE FAMILY BUSINESS

October 5, 2016

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FINANCIAL ADVISORS, ARE YOU READY?   ARE YOUR CLIENTS READY?

Your clients have worked hard to create strong, lasting businesses. As retirement approaches, whether they intend to sell the business, pass it on to family members or simply wind it down, there are complex decisions to be made which cannot be left to the last minute. 

TaxMentor, together with Boughton’s integrated Business Succession Team, reviewed the most important legal, tax and estate planning challenges facing owner-managed business. This session provides professional development credits, and was divided into three topics:

  1. The Legal Readiness Checklist - presented by Luca Citton LL.B.

    Preparing for the sale or succession of your business begins with some crucial "vendor side due diligence." We will highlight some corrective legal actions that can ensure your business is as market ready as it can be. Topics discussed will include locking in your management  team, securing client relationships, perfecting title to your valuable intellectual property, the benefits of a shareholders'  agreement in a sale and in a family succession plan, and finally we will explain how you can ensure confidentiality when discussing your business with a potential purchaser.
  2. The Tax Readiness Checklist – presented by William Cooper ,  CPA, CGA, LL.B.

    Setting up the family business for a sale or for transfer to the next generation requires careful tax planning that must be done well in advance.  As part of this process you should consider implementing an estate freeze to minimize the capital gains that will arise on the death of the principal shareholders  or on the sale of the business.  Typically this will involve the creation of a family trust to hold the newly issued growth or common shares, focusing on the shifting of capital value growth and the related taxes to the next generation.

    We will outline strategies to address the fact that most successful mature businesses do not qualify for the Capital Gains Exemption (CGE) because of their very success.  Typically businesses with owners over age 50 generate excess cash flow which is not being used in the business but instead invested.  The CGE was created as an incentive for entrepreneurs to build businesses and create jobs. Unless careful tax planning is undertaken, that exemption of over $825,000 of capital gains per individual shareholder will not be available when the time comes to sell the business or pass it on to the next generation. We will provide you with a tax readiness checklist to make sure you are ready to help you clients though the process.
  3. The Estate Plan Checklist – presented by Catherine Kim, LL.B.

    Creating an estate plan puts you in control of the transfer of your assets upon your death and enables you to make decisions now so your personal representatives and beneficiaries aren’t burdened with such responsibilities later.  We will provide you with an overview of the key components of an estate plan, including the Will, Letter of Wishes, Power of Attorney and Representation Agreement, as well as important Will alternatives such as the Alter Ego Trust and/or the Joint Partner Trust and the Principal Residence Trust.

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