Details

Who Will Take Over the Business?

Succession Planning for the Canadian Business Family
1. Aufl.

von: Susan Latremoille, Peter Creaghan, Frank Archibald, Linda Betts, Arnie Cader, Sheila Crummey, Tony Ianni, Steve Landau, Ron Prehogan, Pearl Schusheim
15,99 €
Verlag:	Wiley
Format:	PDF
Veröffentl.:	06.01.2012
ISBN/EAN:	9781118089804
Sprache:	englisch
Anzahl Seiten:	160

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Beschreibungen

Titelbeschreibung

As the first wave of Canadian baby boomers retire over the next few years, succession planning will be vital for the long-term survival of many businesses. Canada is about to see a huge transfer of wealth from this generation to the next, yet many businesses struggle to ensure a smooth transition of business management and ownership. For family-owned companies, the ramifications may be even more sweeping. The personal issues they face, compounding other day-to-day business concerns, range from planning for income taxes to maintaining interpersonal relationships with family members. A good succession plan will manage a range of issues, such as people and talent, family dynamics, corporate structure, estate planning, insurance and share transfer, to name just a few. Who Will Take Over the Business? is for any business owner who wants to retire, sell, or transfer ownership of their business. It is designed to guide business owners through a comprehensive and strategic approach to the business succession process to ensure that the transition is carried out as smoothly as possible. Who Will Take Over the Business? is a must-have resource for every Canadian business owner.

Inhaltsverzeichnis

Preface xv PART I: VICTOR BANKS' DILEMMA Chapter 1: Victor's Situation 3 Chapter 2: Discussion Time 11 PART II: SOLVING VICTOR'S DILEMMA: TAKING CARE OF THE BUSINESS Chapter 3: Laying the Groundwork 19 Atlas Plastics: Hold or Sell? 19 Where Are We, and Where Do We Go from Here? 22 What's the Financial Picture? 25 Who'll Run Atlas if the Family Keeps It? 27 Chapter 4: How Do I Sell a Company? 35 Preliminaries 35 Getting Down to Business 39 Th e Process 41 Private Equity or Strategic Buyer? 46 Chapter 5: Talking Taxes—Making a Good Deal Better 53 Understanding the Tax Implications 53 Th e Estate Freeze and the Trust 54 What Are Victor's Tax Options? 56 Just What Is Wrong with the Old Trust? 62 Chapter 6: Let’s Make It Legal—Getting the Deal Done 69 Private Equity Partner: Pros and Cons 73 Tying Up Loose Ends 75 PART III: RESOLVING VICTOR’S DILEMMA: TAKING CARE OF OTHER BUSINESS Chapter 7: My Family Is My Business; My Business Is My Family 83 Defi ning the Business 83 Discovery Meetings 88 Deciding to Move Ahead Together 91 Chapter 8: I Invested My Life in My Business—How Do I Invest the Proceeds? 99 Defi ning the Goals 99 Deciding What Matters 101 Where Do We Go from Here? 104 Combine and Conquer 107 Chapter 9: What Should My Estate Plan Look Like? 111 Taking Care of Rose 112 What To Do about Robert 115 Planning for Victor and Anne 118 Chapter 10: Ensuring the Outcome—Innovative Insurance Solutions 125 Getting Down to Business 127 Epilogue 135 Appendix A: People in Victor Banks' Story 139 Appendix B: Financial Data: Atlas and Personal Assets 143 Appendix C: Th e Banks’ Family Empire Before and After the Private Equity Deal 145 Appendix D: Asset Allocation of the Investment Portfolio 149 Appendix E: Th e Insurance Solution 151 About the Authors 153 Index 159

Autorenportrait

Susan Latremoille and Peter Creaghan, experienced financial advisors who custom-design an investment portfolio for the family that provides lifetime income, tax sheltered, for Victor and Anne, and guaranteed liquidity for their estates Steve Landau and Pearl Schusheim, who are the architects of a tax plan that provides a substantial tax reduction on their transaction and diffuses an overlooked estate planning problem Tony Ianni, an investment banker who provides the Banks family with a variety of liquidity options to consider, and who ultimately leads the family through the private equity transaction Ron Prehogan, a specialist in resolving family business conflict, and Arnie Cader, who acts as an independent director to the family and the business Linda Betts, who helps the family identify and strategize regarding the softer issues, and manage the family dynamics Sheila Crummey, who crafts an estate plan for the family, and her partner Frank Archibald, a corporate lawyer who provides practical advice to the family on the sale of the business.

Back cover copy

Praise for Who Will Take Over the Business? "With dead-on observations and vital advice, Who Will Take Over the Business? is the key to a successful transition to the next generation. Any entrepreneur considering retirement should take its lessons to heart. Having gone through the process myself, I can attest to the wisdom of the authors' work." —Joseph L. Rotman, Chair, Roy-L Capital Corporation "I like business reports that fit on one page, but each page of this book made me want to read the next. Who Will Take Over the Business? shows how important it is for business families to get advice from professional advisors. I have recommended this book to every member of my family." —Jack May, Co-Founder, Maple Lodge Farms "For over 150 years, as a family business we have learned many of the valuable lessons contained in this informative book, sometimes the hard way. I recommend Who Will Take Over the Business? to anyone looking for insight as they face the many challenges that can present themselves when family businesses are in transition." —Hartley Richardson, President and CEO, Richardson Financial Group