The average business owner will probably spend more than 25% of his or her day planning for tomorrow — how much inventory to order, credit requirements, or how to increase sales. But the same business owner will typically spend only four hours per year planning for the eventual sale or transfer of their business interests upon death, disability, or retirement, even when interests might make up a major portion of their net worth.
At Selectpath, our Financial Consultants can review your current situation and work with you to plan for the future transfer of your business interests in the event of the death, disability, or retirement of an owner or key person.
A Comprehensive Approach
Financial planning is an important aspect of managing your business but takes on a new dimension when integrated with other services like benefits and human resources management. Our approach is called GPS, Guided Professional Solutions — have a look for yourself.
The importance of a good benefits plan
Besides increasing the value of the salary package offered, a strong benefits program will:
- Help keep your employees healthy and productive
- Protect your employees’ dependants from financial hardship in case of sudden death or medical crisis
- Help employees meet their financial needs during prolonged absence due to illness or injury
- Assist employees with chronic health conditions with access to the services they require
- Protect your employees while they’re travelling or working outside of Canada
- Give employees the cost-savings of group over individual insurance for a variety of opt-in plans
- Make your group benefits plan more attractive by offering more choice and individualized plans for coverage
Protecting your business and family from the unexpected
For individuals, no estate plan is complete without a will. Similarly, no business plan is complete without a shareholder or partnership agreement containing buy and sell provisions that allow for the orderly transfer of business interests upon retirement, disability, or death.
Selectpath financial advisors work with business owners to sort through their options in addressing these issues. Our focus is putting you on The Right Path® so you can make informed decisions for your business.
8 success strategies for business owners
Preparing your business for sale or succession
You’ve spent years building and growing your business; it’s become a source of great pride. Now you’re looking to the next stage in your life and considering how to prepare both yourself and your business for this transition. Having a business succession plan that clearly outlines your intentions and goals helps make this transition easier for you, your family, and your business.
Selectpath financial advisors work with business owners to review a comprehensive plan of exit. Our focus is putting you on The Right Path® so you can make informed decisions for your business.
Succession planning checklist
Planning for your personal financial security
At Selectpath, we believe that a balanced financial plan can do as much for you and your business as a lifetime of hard work. We will explore the best strategies for achieving your success and security by:
- Reviewing and integrating your vision for your business and your life
- Working together to define your business and personal financial goals and making appropriate recommendations to help you achieve them
- Using your business to support retirement income
- Integrating your business success into a comprehensive estate plan
- Using tax effective strategies (such as a holding company) to maximize wealth
- Making sure you are leveraging the advantages of incorporation
- Protecting your personal assets from creditors
8 success strategies for business owners
