As a business owner or manager, your main focus is on guiding the day-to-day operations and long-term success of your business, but does it include business succession planning strategies? It should, because the lack of business succession planning can have far reaching consequences.
What will happen when you leave the business? Business valuation and succession planning is critical to making sure your business endures over several generations.
We welcome the opportunity to work with you as your business succession planning accountant. Let us help you reach your financial goals and business transition goals.
To book a complimentary initial consultation with a member of our succession planning team, please download and submit the family business succession planning checklist below. A member of our succession planning team will be in touch with you shortly thereafter.
Click the link to download our checklist: Family Business Succession Checklist
Business Succession: Challenging & Rewarding
Business succession planning for your business transition can be quite challenging but if it is handled properly, both the process and outcome can be rewarding for you and for your family and heirs.
One of the greatest concerns facing family business owners is how to establish and develop a business succession plan that will ensure your business continues to enjoy the kind of management and success it has had under your stewardship. Since there are many options for business succession, you may need help deciding which ones best meet your long-term objectives.
- Do you wish to develop a succession plan that transfers your business to the next generation?
- Or do you want business planning for selling your business and transferring some or all of the proceeds to your heirs?
- If you plan to sell your business, do you want to sell it to key people inside the business, or to outsiders?
- Have you considered the possibility of making your business a public company?
What Is Your Vision For The Business?
All the foregoing questions need to be answered from the perspective of what legacy will remain for you and your family after the business transition. What vision do you and your family have for the long-term future of your business?
Planning for business succession involves not just long-term personal and family goals in general, but also specific goals for:
- Protecting your assets
- Minimizing taxes
- And building a financial legacy for your estate
Every successful business succession and transition plan begins with determining the objectives of the owners. Once you establish those, you can knowledgeably create an effective strategy for the rest of your succession plan.
Begin With the End In Mind
Manning Elliott’s business succession planning accountants try to join owners in thinking about their succession plans in the context of beginning with the end in mind. Business succession planning is not simply a plan that sits on a shelf and implements itself; it is a process that works continuously with the day-to-day goals of the business.
Manning Elliott accountants understand the relevance and importance of business succession planning and transition for enterprising families. We are uniquely positioned to help business owners develop the best options for the long-term future of their businesses.
Business Succession Strategies for a Lasting Legacy
Manning Elliott LLP has been one of Vancouver’s leading accounting firms for over 60 years. We have worked closely with many families and private business owners over the years, bringing them the benefits of our diverse background and deep understanding of the issues facing a business that is being sold, or transferred to a succeeding generation.
We can offer you a comprehensive and holistic approach to finding the best solutions to those issues. Let Manning Elliott help you develop a customized business succession plan that will create the best possible outcome for you, your family, and the generations that will succeed you in your business. We can help you build a lasting business legacy.
Contact Us About Our Succession Planning Services
Manning Elliott LLP offers a full range of financial, business, and tax advisory services, including estate and business succession planning for business owners.
Manning Elliott has three BC locations to serve you including on the 11th floor of 1050 West Pender Street Vancouver, Suite 201-2001 McCallum Road in Abbotsford, and Suite 302-2626 Croydon Drive in Surrey BC.