Business Succession Planning

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Family Business Succession: Beyond the Transfer of Shares

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This blog has been written by Pritika Deepak, Associate at Fasken LLP When family business owners think about succession planning, the focus is often on ownership. Who will inherit the shares? How should the business be structured? Can the transition be completed in a tax-efficient manner? These are important questions, but they address only part of the succession challenge. In many family businesses, the most valuable asset is not reflected….

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Business Succession Planning, Succession Planning

Corporate Financial Statements: An Overlooked Estate Planning Tool

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For many business owners, the corporation is often the largest asset in the family’s estate and the key asset to their succession plan. For estate planners, the discussion often focuses on a review of Wills, Powers of Attorney, shared ownership, and family objectives while the corporation’s financial statements receive only limited attention, if any at all, which may lead to missed opportunities. A careful review of a corporation’s financial statements….

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Business Succession Planning, Estate Planning, Investments, Small Business, Succession Planning, Tax Issues

Estate Freeze & U.S. Citizens

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Scotiatrust

Before recommending an estate freeze to a client, advisors should first ask them a simple question: Are you a U.S. citizen? By failing to ask this question, advisors may be overlooking significant cross-border tax implications. While an estate freeze can be an effective tool for succession planning, it can come with a number of complex and sometimes punitive U.S. tax consequences when the freezor is a U.S. citizen. This article….

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Business Succession Planning, Estate Planning, Tax Issues, U.S. Citizen, United States, US Taxes

Dust Off The Shareholders’ Agreement

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It is common to suggest shareholders enter into a shareholders’ agreement, where each shareholder assumes certain rights and obligations relating to the business of the corporation. The shareholders’ agreement typically includes provisions dealing with the management of the business and future transfers of shares upon death or other circumstances. Unfortunately, once the shareholders’ agreement is signed, it is often filed in the corporate minute book and never reviewed by the signatories. There….

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Business Succession Planning, Contracts, Estate Planning, Succession Planning

Succession of the Family Business – Don’t Overlook Governance

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Successful entrepreneurs often view the family business as the crown jewel to their legacy for the next generation(s). As such, succession planning for the family business and preserving the family’s wealth is always a top priority and often encompasses tax and estate planning. Implementing a succession plan that will ensure the continuation of the family business while preserving the family’s wealth can be challenging for professional advisors who are assisting….

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Business Succession Planning, Estate Planning, Family Conflict

Farm Succession – The Numbers Are Telling

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At least once in your life you’ll need a doctor, a lawyer and a preacher. But every day, three times a day, you need a farmer (Brenda Schoepp). Farming plays a pivotal role in our economy as it fulfills our basic daily necessities and it is in everyone’s interest that our Canadian farms continue to prosper in the future. According to the Statistics Canada 2021 Census of Agriculture (the “Census”)[1] There….

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Business Succession Planning, Family Conflict
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