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The Rob Tetrault Show - BA, JD, MBA, CIM

Nov 11, 2020

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📽 Watch our other video on How To Prepare Selling Your Business:

Family Business Succession Planning Model

1) Communication

- Most of the time, Fair is not Equal when it comes to splitting the assets.
- Discuss with family to see if there's any interest in taking over the business.
- Plan in advance, have those conversations.
- Don't surprise some of your children, keep them all in the loop of the business succession.

2) Tax Efficiency

- Is there a potential to qualify for the capital gains exemption?
- Should we set up a Family Trust
- Should we be doing an Estate Freeze along the way?
- Does the business have enough cashflow to support the next generation?

3) Alternatives
- Are you staying on for a couple years after the sale to ensure smooth transition?
- Are you doing an asset sale?
- What class of shares does your business have?
- Is it a vendor take-back loan?
- Make sure all your finance professional are speaking to each other (lawyer, account, financial advisor)

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