Tax-Effective Business + Personal Succession Planning

Neufeld Legal PC: Chris@NeufeldLegal.com - 403-400-4092 / 905-616-8864

Succession planning is intended to facilitate a structured and orderly transfer of ownership of your business to your partners, other family members or your heirs, including the effective use of Trusts and other legal strategies. Developing a well conceived corporate exit strategy is an invaluable undertaking that far too many business owners fail to commit adequate time and resources to, and all too often without appropriate legal counsel. Creating an appropriate business succession plan requires not only a thorough understanding of business and tax laws, but also a sensitivity to business/family relationships, strengths and weaknesses of the particular business and long-term financial needs of the owner (or other individuals who are in need of an appropriate successor).

The benefits of effective business succession planning can include:

• undertaking critical analysis of the business to best determine its leadership and financial needs now and in the coming years

• develop a corporate leadership guidebook, including comprehensive position descriptions, needs analysis and plans to bridge potential gaps and deficiencies

• relationship building that will enable the various interested parties to better collaborate and advance the corporate enterprise when the transition is being undertaken

• provide capable direction, stability and expectations for all key stakeholders: employees, customers, shareholders and vendors

• allow for the retention of key management and employees who might otherwise leave if not appropriately brought into the future plans for the business enterprise

• prevent family disputes and the associated costs involved in such disputes and the negative impact on the business.

For knowledgeable and experienced legal representation for succession planning and trusts, contact lawyer Christopher R. Neufeld at Chris@NeufeldLegal.com or call 403-400-4092 (Calgary, Alberta) / 905-616-8864 (Toronto, Ontario).

Business Succession Planning - Contingency Arrangements Business succession planning isn't just about planning for the optimal outcome, it is also about establishing contingency arrangements in the event the original plan cannot be implemented as originally intended or its actual implementation (as impacted by how the business situation has changed over time) would run counter to the planner's overarching objectives. Read more.

 

Mistakes when developing a Business Succession Plan To develop a successful business succession plan, it is important to avoid common mistakes that have been previously made by other business owners with respect to their own failures in business succession planning. As such, it is worthwhile to review and understand those common mistakes when developing a business succession plan, . .  . Read more.

 

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