It is no secret to most business owners that succession planning should be a priority – but some leave their planning too late.
The health of a business affects many people in Alberta – from owners and their families to employees, suppliers and customers and their families. So, deciding what happens to the business after you exit is important.
Formulating a succession plan helps ensure the ongoing sustainability of a business and protects all stakeholders.
Whether you are a sole practitioner, a small family business owner or a partner in a larger enterprise in Western Canada, the succession planning lawyers at Vest Estate Lawyers can help you ensure that you and the business both thrive in the future.
A succession plan makes provisions for when you exit the business so that it can continue to operate successfully.
Many small family businesses depend heavily on the intellectual property and personality of the owner. When this is no longer present, it can lead to the demise of the business. A succession plan helps you put systems and processes in place that aid a smooth transition.
There are several common scenarios when an effective succession plan becomes especially important:
- When an owner exits a family business and wants to pass it to the next generation
- When an owner wants to sell the business to an external party
- When an owner passes away
- When there is a major change in the business involvement of an owner or other major shareholder
For many business owners, the business is their “baby”. It can be emotional to contemplate a time when they no longer run it. However, its longevity and future success may rest on making tough decisions sooner rather than later.
Our estate planning lawyers are accustomed to working with local business owners and helping them make decisions that safeguard the future of their businesses, their families, and their retirements.
We will listen to your needs and advise you on the best way to navigate the main legal, tax, financial and other hurdles, creating a succession plan that reflects what you want to achieve.