Nov 11, 2020
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📽 Watch our other video on How To Prepare Selling Your Business: https://youtu.be/0DuTuvN398c
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)
📽 Watch our other video on Starting a Tech Business: https://youtu.be/_t6vFAceRCI
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