The Business in Transition - Making the Succession Plan Work

What Does Business Succession Planning Involve?

The decision to transfer a business to the next generation or sell a business has monumental implications for business owners, both practical and emotional. Business succession encompasses estate and will planning, tax law, family law, employment law, insurance law, and much more. Not having a succession plan can seriously threaten the viability of a business - and the ability to keep the business within the family.

A Guide for the Business Owner and Professional

The Business in Transition - Making the Succession Plan Work explains how to effectively transfer a business in the most tax-efficient manner. Authors Stuart Bollefer and David Malach cover all the legal considerations of succession planning for business owners. Six appendices provide in-depth technical information and approaches, written specifically for practitioners of Canadian busines law. This book includes:

• Step-by-step instructions for each stage of business succession planning
• Strategies to ensure a smooth transfer free of costly legal and financial problems
• Case study illustrating the kinds of planning and possible solutions available to a business owner

Answers to Important Questions - for Business Owners

• How do I transfer my business to my children?
• How do I monitor their performance after the sale?
• When will tax arise on transfer of my business - and how will I pay it?
• How should I factor in the employees of my business?
• How should I prepare my business for sale to third parties?
• What techniques will be used to value my business?
• What planning will I need to do if I want to retire outside of Canada?

Extensive Appendices - for Practitioners

• Technical aspects of keeping a business in the family under the Income Tax Act and other legislation
• Steps for completing various types of reorganizations
• Detailed discussion of valuation techniques and calculations
• Planning using life insurance and other relevant types of insurance
• Sample will provisions for establishing primary and secondary estates
• Steps required for terminating Canadian residency for tax purposes

Who Should Buy This Book?

• Canadian business owners who need a guide to planning the succession of their business
• Business, tax, accounting, elder law, and wills/estates/trusts lawyers seeking a resource on business succession planning that both they and their clients can use
• Accountants and financial advisors who advise their clients on planning the succession of their business
• Life insurance agents who provide the life insurance component of a business succession plan