Protect the future of your small business after your retirement, disability or death by putting a Business Succession Plan in place.
Have you given any thought to what will happen to your small business when you are no longer able - or willing - to run it?
Do you plan to hand it your business over to your kids? Or sell it to a partner or an employee?
If you have partners, how will a partner's share be disposed of if he/she was to die suddenly?
Succession planning is essential for ensuring continuity for the business, creating a buffer zone to help deal with unexpected events, and providing financial security for the owners.
Name: A to Z
Name: Z to A
Price: Low to High
Price: High to Low
Plan for the future of your small business - learn what you need to know about Business Succession Planning in Canada with this 8-page expert guide.
The guide describes the different types of business structures under Canadian laws, the pros and cons of each type of corporate entity. In addition, it discusses:
how to extract value from your business,
tax planning and estate free.....
Learn how to prepare a Shareholder Buy-Sell Agreement with this checklist for Canadian companies.
What would happen to your business if one of the owners dies or is no longer able to work? A Shareholder Buy-Sell Agreement provides for continuity of the business in those events. Topics included in the Checklist are:
qualification of shares for capital gains exemption;
provisions of any existing formal shareholder agreement;
terms of purchase or redemptio.....
Have you started succession planning for your business? Ensure continuity of ownership and management with this Canada Criss-Cross Shareholder Buy-Sell Agreement.
The Buy-Sell Agreement provides for the purchase of one shareholder's interest by the other shareholder upon the death of the first shareholder.
The purchase is made by a method called the 'criss cross' method. That means that each shareholder holds a life insurance policy on the other shareholder, and the d.....
Ensure the continuity of ownership and management of your company, even if one of the owners dies, with this Shareholder Buy-Sell Agreement for Canadian businesses.
The shareholders have appointed a trustee for the purpose of holding life insurance policies on each shareholder in trust to the benefit of the other shareholders.
If a shareholder dies, the trustee, on behalf of the surviving shareholders, will purchase the deceased's shares in the company using the proce.....
Would your business survive the death or retirement of one of the owners? Provide for the continued existence of the business with this Canada Shareholder Buy-Sell Agreement (Corporate Redemption Method).
The corporation obtains life insurance policies on each of the shareholders and uses the proceeds to fund the redemption, acquisition or cancellation of the corporation's shares.
Upon the death of a shareholder, the corporation redeems the deceased shareholder's shar.....
The Canada Shareholder Buy-Sell Agreement (Hybrid Method) is an option that Canadians can consider to put a succession plan in place for the continuity of their small business.
This type of buy-sell agreement is known as a 'hybrid' buy-sell.
Under this Agreement, the corporation holds life insurance policies on each of the shareholders.
Upon a shareholder's death, the corporation will collect the insurance proceeds, and use the proceeds to fund the purchase .....
Plan ahead for the continuation of your business upon the death or retirement of an owner with this Shareholder Buy-Sell Agreement (Promissory Note Method) for Canadian companies.
The corporation will hold life insurance policies on each of the shareholders and use the proceeds to redeem and acquire its own shares from a deceased shareholder's estate.
If a shareholder dies, the surviving shareholders can purchase the deceased's shares on a pro rata basis (proportionat.....
This guide for small business owner managers shows you a way to include senior employees in your business succession plan.
There are numerous reasons to include long-time employees in your succession planning, such as:
to honor previous commitments made to these employees,
to give deserving employees an opportunity to acquire the business,
family members are not interested in taking over the business,
senior employees often represent the best poss.....
Make sure that your small business continues on after you retire with this sample Ownership Succession Plan for Family Business.
This sample Succession Plan is designed to assist the owners of a family operation or other small business in planning for the future of the business following the retirement, disability or death of the principal owner(s), through:
training other members of the family or company team in management roles,
granting stock options as incentive.....
Succession planning is vital to the survival of small businesses. This Sole Proprietorship Buy-Sell Agreement can help ensure the continuity of yours.
The Agreement is between the owner of a sole proprietorship and an employee who wants to purchase the business when the owner dies, as both parties want the business to continue to exist.
On the death of the proprietor, the executor or administrator of the estate will sell the business to the employee.