Family Business Transition Planning
Business transition planning for your business can be especially challenging if not done properly. However, if done properly with the right guidance, business transition planning can be a very rewarding experience for you, your family and your heirs. Manning Elliott has been one of Greater Vancouver and the Fraser Valley’s leading accounting firms for over 65 years, bringing families the benefits of our diverse background and a deep understanding of the issues facing a business that is being sold or transferred to a succeeding generation.
One of the greatest concerns facing family business owners is how to establish and develop a business transition plan that will 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.
In the case of a family transition, it’s important to make sure that you have open communication with your heirs and family in the early days of planning your business transfer. If the next generation is going to be involved in the business, the owner 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.
Manning Elliott will help you identify and choose the appropriate successor for your business to ensure its continued success going forward.
Are You Ready for Transition?
How ready are you to exit or transition your business? Find out by taking our Business Exit Readiness Analysis! Receive a FREE personalized Exit/Transition Readiness Scorecard when you complete the assessment.