Business Transition Consulting
Family business transition planning can be especially challenging if not done properly. However, with the right guidance, business transitioning can be a very rewarding experience for you, your family, and your heirs.
Manning Elliott LLP has been one of Greater Vancouver’s (and the Fraser Valley’s) leading accounting firms for over 72 years. For decades we’ve been bringing families the benefits of our diverse accounting and business advisory experience. We have a deep understanding of the issues facing a business that is being sold or transferred to a succeeding generation.
Developing A Transition Plan
One of the greatest concerns facing family business owners is how to determine business value. Another is family business transition planning to ensure your business continues to enjoy the kind of management and success it has had under your stewardship.
If your vision for your business is to have family take over, make sure you begin to train the next generation of leadership long before the ultimate transition date. DO NOT wait for a critical event to occur to do so.
Owning vs Owning & Managing A Business
In the case of a family transition, it’s important to make sure that you have open communication with your heirs and family. This should be done in the early days of planning your business transfer. If the next generation is going to be involved in the business, you must make sure they understand exactly what that entails. They must understand the difference between simply owning the business, and owning and managing the business.
Contact Our Business Advisory Experts
Manning Elliott offers professional business advisory services. We will help you identify and choose the appropriate successor for your business to ensure its continued success going forward. To learn more, please contact us.