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It’s not just about what you own, it’s about what you love.
IN MANY WAYS, IT'S BEEN YOUR LIFE...AND DEFINES WHO YOU ARE
For Your Consideration
- Because of new priorities are you reassessing your depth of involvement in your family business?
- Is it time your enterprise takes a new direction; is it time to step aside?
- Do you want to play an active role in supporting and assimilating your successors?
- How will your family react and employees adjust to choices that will have a direct effect on their lives?
Of course, all relationships naturally evolve and move forward in new directions. But probably none is more personal to entrepreneurs than their attachment to their company or business. In many ways, it’s your life and defines who you are. And that history is often a long one – you may have started small, perhaps with misgivings and few resources, and yet you risked it all to pursue your dream of being your own boss. You’ve grown an enterprise that is widely respected, has supported many over the years, and has provided you with a very good life. Your efforts have paid off and you succeeded …in spades!
So, Where Do You Want to Go From Here?
The thought of re-defining or detaching from what may have been your life-long responsibility and passion can be deeply emotional. Fortunately, there are many options along the spectrum from ‘full steam ahead’ to ‘cashing out’. In evaluating how you may want to re-shape your bond with your business, many plans can provide you with greater flexibility and the freedom from responsibilities to enjoy the fruits of your efforts. It’s rare that business transfer plans are explored, or even contemplated, way ahead of time. Typically, these issues come to the table at a very late stage. Of course, the more time invested up front in developing a well-constructed strategy, the greater our capacity to personalize, adapt, and effectively manage the smooth transition of your unique business.
Stepping Back But Not Pulling Out
You may want to:
- Put a structure in place so you can step back from direct day-to-day management
- Sell only a part of your investment or liquidate certain divisions of the business to derive a supplemental retirement income from the proceeds
- Channel an ongoing funding stream to your favourite philanthropic cause
- Conserve a seat on the board of directors.
Perhaps It’s Time to Move On…
You may be thinking of:
- Transferring your interest in your family business to the next generation
- Selling your stake to your existing partners
- Selling the entire company outright, perhaps as an attractive acquisition for the competition
- Wrapping up and dissolving the business.
Some Intangibles to Ponder
- Is the younger generation as passionate about the business?
- Are they equipped and prepared to make the commitment a successful family business demands?
- Will your successors continue to embrace the vision that has been the backbone of your enterprise?
- What may the impact be on your employees if you choose to sell?
- What may the impact be on your clients whom you may have courted and served for decades?
In weighing the pros and cons of all of these alternatives, your decisions may have consequences for your investment strategy and even your current estate plans. They will certainly have tax implications.
These choices are not easy or clear cut. But, you can rely upon straightforward, expert advice from the encompassing perspective our Business Transfer specialists possess. We respect the gravitas of devising a comprehensive succession plan. It represents far more that a simple sales transaction. As well, what is customary and familiar for us on a daily basis is ‘a-once-in-a-lifetime’ life event for you.
It would be our pleasure and our privilege to assist you in carrying out a smooth and seamless transfer.
We are always at your service for any additional information you may require.