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Business owners intending to transition their companies to family or staff members may find themselves in an unenviable position. Business is multi-dimensional and so is an effective succession plan. To serve you best, your succession plan needs to not only address the myriad of issues involved in exiting your business, but lay the foundation to maximize the value of your business in the short- and long-term. It needs to be flexible to deal with uncertainties while providing you with a clear path for the future.
For instance, the succession process requires the owner to consider two different, but inextricably linked, facets of the business: ownership and management. Often business owners try to deal with these areas simultaneously or without awareness of the distinctly different focuses – and while this approach may seem like the fastest and easiest way to make decisions – it can carry significant risk.
How your business is structured significantly impacts how it operates and affects all parties involved with the transition of your exit strategy. That’s why we work closely with you and help you separate management and ownership issues. Our strategic process enables the right people to make the right decisions and ensures your governance structure today and in the future, facilitates your transition out of the business. Here’s how:
By developing a detailed timeline which allows you to consider ownership and management changes separately, you create the necessary room to make strategic but potentially difficult decisions which position you and your business for success and prosperity.
The following are some of the key considerations when looking at changes in ownership in this context:
When addressing changes in management responsibility, the following questions should be asked:
The above questions provide a road map for securing the future of a family-owned business. Addressing the areas of ownership and management separately allows you to make strategic decisions that secure your business so you may exit on your own terms. Achieving success in business is hard work. After all the sacrifice, risk and commitment, you deserve to design your future your way.
For more information, contact Eben Louw, CPA, CA, at 604.870.7413 or [email protected]
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