While business owners devote huge amounts of time and effort into ensuring that they build a successful business, few have formally thought about what will happen to their business after they retire. At Quon and Associates we can take a closer look at your small business’ overall financial plan and help you determine the best time for you to retire from your business.
Each small business is unique. A succession plan should reflect this and be tailored to the particular aspects of a given business. At Quon and Associates, we work to develop the ideal succession strategy that works best in serving the interest of our clients.
Quon and Associates offers small business owners the following advice to get them started down the right path of succession planning:
– Do not delay in thinking about succession plans. Succession planning must begin at least 5-10 years in advance in order to realize the full potential value of the business and to ensure a smooth transition to new ownership.
– Consider all your options. Whether you choose to sell, transition to a family member or business partner, or dissolve the business, there are many complex issues that need to be evaluated before your final decision is made.
– Come up with a detailed time schedule. When would be the ideal time to begin the transition; and how should the transition be structured?
At Quon and Associates, we are intimately familiar with Canadian tax law and are always expanding our knowledge of current laws and regulations. Call us or visit our website for more information. 403-250-5111.