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Business – like life – is risky enough without taking unnecessary chances. You need to be prepared – which means working succession planning into your routine so it’ll be there for you when you need it most. Leveraging nearly 60 years of business succession experience, MNP created ExitSMART™ to offer owner-managers and large organizations the means to successfully exit their business on their own terms through careful planning.
We’ve invested substantial time and resources into understanding every aspect of the client groups we specialize in working with. As a result, we’re able to provide customized consulting services, advice and strategies that will safeguard your business and allow you to thrive.
ExitSMART™ is a comprehensive, seven-step program that integrates the exit planning and implementation processes by bringing together all the advisors you need to be successful. Flexible and comprehensive, ExitSMART™ ensures that your objectives and your obligations to key stakeholders are met and that any exit issues are discussed and resolved in an open, consistent and efficient manner prior to your retirement.
Tax planning and estate planning are key parts of your exit strategy. Without effective planning—done well in advance—you run the risk of entering retirement with less than you anticipated. Your tax situation will depend on your plans for your business. With a clear understanding of your objectives, our team can take you through your options and help you create a plan that minimizes immediate and future tax liabilities for all key parties.
A business valuation will help you determine how fast you can get to where you want to go by showing where you are now. As part of the ExitSMART™ process, MNP reviews the cash flow and other relevant information generated by your business so you understand the range of values the market will place on your business as it is today. We also identify the value drivers—those factors that will enhance or maintain the value of your operation—and develop strategies that allow you to maximize value. If desired, MNP will also help you implement value-creation strategies throughout the planning process.
The future success of the business, as it transitions to new owners (family, employees or a third party), depends on your Value Enhancement Plan and competitive position in the marketplace. Creating a plan or refining your Value Enhancement Plan after evaluating the strengths, weaknesses, opportunities and threats inherent to your company will give you a road map to guide you through the next one to five years. It also offers all partners involved with the transition many strategic benefits.
Retaining key staff is critical if you want to increase the value of your business. Our team can help you identify key positions in your operation and determine whether the individuals in those positions have the competencies and skills needed for their role. Depending on the outcome, our team can assist with recruiting, developing and implementing retention strategies and drafting contractual arrangements with staff members so that they stay with the business to ensure a smooth transition.
A proper succession plan is the road map to your future. That’s why identifying what you want your future to look like is so critical. In your first meeting, you will work with your ExitSMART™ advisor to articulate your personal and business objectives. These will form the foundation of your exit strategy and help structure the rest of your plan while establishing timelines that meet your specific needs.
Working closely with your Asset and Wealth Management Advisory Team, we can help calculate and craft a plan so you can retire the way you want to.
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 family, management and ownership issues. This 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.
John Hughes is the Senior Vice President of MNP’s Private Enterprise practice. With more than 28 years of experience, John has spent his career helping Canadian business families, entrepreneurs and management teams create value and grow their businesses through a diverse range of services and customized strategies.
MNP offers offices strategically located in urban and rural centres throughout Canada.
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Looking for more information on MNP’s ExitSMARTTM Services? Go deeper by reading our thought leadership pieces, interacting with media and perusing brochures and fact sheets tailored to this industry.
Suite 2000, 330 5th Ave. S.W.
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