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Succession: Summary for Success

Succession: Summary for Success

Planning is always the key to success in any endeavour and succession is no different. The well-planned transition of your business can benefit you financially while also providing you with peace of mind that your business will become your legacy.

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Succession: What are my options?

Succession: What are my options?

Business owners work for years to build up a business that they are proud only to come to the grim realization that they will be walking away from it all upon retirement. But transitioning the business doesn’t have to be a scary thing when you know what options are available. With appropriate planning, the transition of both management and ownership can happen over time, allowing the business to continue to evolve with a contribution from both the old and new owners.

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Succession Part IV: Where should I start?

Succession Part IV: Where should I start?

Succession Part IV: Where should I start?

Succession Part IV: Where should I start?
September 2, 2020

Succession Part III: When should I start planning?

Succession Part III: When should I start planning?
September 2, 2020

Succession Part II: Why bother planning?

Succession Part II: Why bother planning?
September 2, 2020

When you started your business, you had a vision, goals and dreams. As your business grew and changed, a strategy and plan evolved. Whether these plans were formal or highly informal, you had some sense of the direction you wanted your business to take. All too often, exiting your business doesn’t get that same attention. It can be easy to put off succession planning for a myriad of reasons; however it is important to create an adaptable plan and get everyone (family, partners, and key employees) on board. This will help to maintain the value of the business, maximize your retirement fund and protect your legacy.

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Succession Part I: Should you have a succession plan?

Succession Part I: Should you have a succession plan?
September 2, 2020

The simple answer is YES! Succession is a word that is often used, but what does it really mean? A complex and confusing topic, it lingers as the unspoken part of business planning, too large to tackle, genuinely the elephant in the room.

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Setting up your Business for SUCCESSion

Setting up your Business for SUCCESSion
September 2, 2020

As a business owner, you expect your business not only to support your family but to fund your retirement. Those who get the most out of their business upon retirement, are those who prepare a succession plan that is in line with their business’ strategy. This is always driven by the goals of the business owner and is revisited over time.

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Buying and Selling a Construction Company

Buying and Selling a Construction Company
May 20, 2020

The construction industry is starting to see an increase in ownership changes as owners decide to retire and pass on their legacy to the next generation, a key employee or a third party. The sale of a business sets up the seller’s retirement plans while the purchaser can move from a skilled construction worker to an owner building his/her own legacy. As such, understanding the benefits and drawbacks of different purchase and sale options is vital.The actual structure of the company being purchased will vary the overall results, therefore obtaining advice from your trusted advisors early in the process will be important.

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Construction Provincial Blitz

Construction Provincial Blitz
August 22, 2018

The Ontario Ministry of Labour has announced a recent blitz of ‘proactive inspections’ with a focus on the construction industry. Don’t be alarmed if you receive a letter from the Ministry of Labour - it is simply a routine inspection, however we do expect construction clients to be a larger proportion of these inspections.

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WSIB Update

WSIB Update
June 19, 2018

Everyone in construction has heard of the changes that the Workplace Safety & Insurance Board (WSIB) has proposed to make to their rate framework. Although we did see decreases in some construction WSIB rate groups during 2017, there is still much confusion and uncertainty over what the future holds for WSIB premiums.

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Construction Uber? The Sharing Economy is Here!

Construction Uber? The Sharing Economy is Here!
December 14, 2017

While some of us are better at sharing than others, the sharing economy seems to be here to stay.  The sharing economy is simple: assets or services are shared by private parties or individuals often using the internet. The best known examples of this in action are Uber and Airbnb.

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Small Contractors: Take Caution with WSIB

Small Contractors: Take Caution with WSIB

Right now there is a lot of talk about the changes coming to the Workplace Safety and Insurance Board (WSIB), but many construction businesses are unaware of the WSIB rules that could impact them today.

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I have a holdco… So now what?!

I have a holdco… So now what?!

Accountants and other professionals often advocate incorporating a holding company (“holdco”). But now what? Establishing a holdco is most commonly used to hold the shares of an operating company (“opco”). Retained earnings of the opco can be transferred to the holdco through a tax-free intercompany dividend, in most cases.

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Retaining Your Skilled Construction Labour and the Costs if You Don’t

Retaining Your Skilled Construction Labour and the Costs if You Don’t

Cloud Accounting: Creating Efficiency for Small Business

Cloud Accounting: Creating Efficiency for Small Business

Succession: Are you a budding entrepreneur or someone still growing his/her business?

Succession: Are you a budding entrepreneur or someone still growing his/her business?

Want to be your own boss? If you are a budding entrepreneur, already own a small business or are looking to purchase a business, this blog post is for you! Even at the earlier stages of your working life, it is important to think about future succession and plan accordingly. By planning up front, you access strategies of tax savings over the life of your business (not just upon retirement). You also benefit from flexibility built into your corporate structure and business goals in order to grow the business while reacting to changes in your needs or goals or in the business environment.

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Get to know: Jennie Riddell, CPA, CA

Get to know: Jennie Riddell, CPA, CA
February 24, 2016

Jennie’s focus on client relationships allows her to provide sound advice to clients. Get to know…

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Succession: When should I start planning? Time buys opportunity!

Succession: When should I start planning? Time buys opportunity!
December 18, 2015

Succession: Why bother planning?

Succession: Why bother planning?
November 24, 2015

When you started your business, you had a vision, goals and dreams. As your business grew and changed, a strategy and plan evolved. Whether these plans were formal or highly informal, you had some sense of the direction you wanted your business to take. All too often, exiting your business doesn’t get that same attention. It can be easy to put off succession planning for a myriad of reasons; however it is important to create an adaptable plan and get everyone (family, partners, and key employees) on board. This will help to maintain the value of the business, maximize your retirement fund and protect your legacy.

Continue Reading

Should you have a succession plan?

Should you have a succession plan?
November 19, 2015

Should you have a succession plan? The simple answer is YES! Succession is a word that is often used, but what does it really mean? A complex and confusing topic, it lingers as the unspoken part of business planning, too large to tackle, genuinely the elephant in the room.

Continue Reading