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Posts from the ‘Business Succession Planning’ Category

14
Nov

Family Business Advising

Working with a family business is much more then obtaining information , feeding it into a computer and having the computer present cute graphs . As a family advisor I play many roles and focus on family needs rather then simply those of the patriarch or matriarch . Creating value beyond simply presenting facts is what we strive for with every client we engage with in the planning process .

8
Sep

Family Business Advising

So you own a family business and you do not have a will or power of attorney, should you ? You have a life insurance policy and you figure you have a estate plan ? You invested everything into your business and one day you will get that massive payday ? Your kids are expected to work in a family business and is this something they are obligated to do ? Do you treat your child working in the family business same as the ones that are not ? Do you know the difference in fair vs equitable when treating family members ? Do you have a board of advisors to help you grow profits as well as the business ? Do you have a advisor that is able to put the “puzzle” pieces together or do you have a group of advisors working in isolation ? Do you consider planning as a pain or a necessary exercise ? Do you want to know or just leave things to chance ? www.tkfg.ca is where you can start if you wish to learn how other successful family businesses have gained valuable guidance, caring, exceptional results and a piece of mind knowing nothing has been left to chance !

8
Sep

Family Business Advising

So you own a family business and you do not have a will or power of attorney , should you ? You have a life insurance policy and you figure you have a estate plan ? You invested everything into your business and one day you will get that massive payday ? Your kids are expected to work in a family business and is this something they are obligated to do ? Do you treat your child working in the family business same as the ones that are not ? Do you know the difference in fair vs equitable when treating family members ? Do you have a board of advisors to help you grow profits as well as the business ? Do you have a advisor that is able to put the ” puzzle ” pieces together or do you have a group of advisors working in isolation ? Do you consider planning as a pain or a necessary exercise ? Do you want to know or just leave things to chance ?

The TK Financial Group is where you can start if you wish to learn how other successful family businesses have gained valuable guidance , caring , exceptional results and a piece of mind knowing nothing has been left to chance !

 

1
Jul

Family Business Succession, Estate Equalization and Wills Variation Act

 

When dealing with the estate planning of a family business it is particularly important to consider the issue of estate equalization.  One of the common objectives in a family business succession plan is to treat the children fairly and/or equally.  This can be problematic in that many family business owners see up to 80% or more of their wealth tied up in the family business.  The question arises, how to deal with the children who are not involved in the business when those children that are will receive the family company shares as their inheritance?  Aside from the issue of maintaining family harmony another risk of not dealing with this issue in an effective manner is the risk of court action under provincial legislation such as the Wills Variation Act. Read more »