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Succession planning

Look after the future of your business

If you’re planning to retire, sell your business or turn the business over to the next generation, you may need a well thought out succession plan. Succession planning:

  • Safeguards the value of a business.
  • Determines how ownership is transferred.
  • Establishes a process where the owner(s) can gradually step out of day to day management while maximizing the exiting owner’s personal financial security.

Business succession planning will help with a smooth transition from you to the future owners of your business. It’s part of the larger financial planning process and it should include all aspects of the individual’s financial situation. It is also designed to help ensure that:

  • There is sufficient income to support the desired lifestyle now and in the future, including retirement.
  • There are accumulation strategies to address specific cash flow requirements (e.g., children’s education, building of a retirement home).
  • Tax planning opportunities are being taken advantage of when appropriate to the individual’s goals and dreams.
  • The financial needs of the person, their family and estate are met in case of disability, diagnosis of a critical illness or premature death.
  • There is an existing estate plan to ensure that assets go to the intended beneficiaries with the least estate shrinkage possible due to taxes.
  • There is a financing strategy that will ensure the success of the successor as well as provide the required funds to the owner.

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Servus Wealth Strategies Ltd. is a subsidiary of Servus Credit Union Ltd. offering financial planning, life insurance and investments.

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