Working with professionals who have had the experience of supporting other businesses through succession planning and business transition will provide you with relevant insights and proper advice. You may decide to coordinate most of the transition yourself, or you might feel more comfortable appointing a trusted advisor to spearhead the planning and represent your best interests. Whatever you decide, your team members can work with you – and with each other – to enable the successful transition of your business.

The following is a list of potential advisory team members. You may not need all of them at the same time, but you will probably require the services of most of them at some point during the process.

Accountant

• Develops financial statements
• Provides taxation advice
• Assists in estate planning
• Provides advice for business restructuring
• Assesses business value

Lawyer

• Negotiates and drafts any necessary agreements, such as a shareholders agreement and purchase and sale agreements
• Provides tax planning advice
• Prepares wills and powers of attorney
• Advises on existing and proposed business structures and implements any needed corporate restructuring

Family Members

• Support family interests
• Provide an opportunity to understand each member’s perspective about the business and their future roles in it

Management Team

• Manages ongoing operation of the business
• Needs to “buy-in” to successfully execute business plans
• Provides operational advice and expertise for new owners
• Enables business continuity

Business Valuator

• Estimates fair market value of the business
• Provides credibility to asking price
• Provides advice and suggestions on how to maximize business value

Business Broker

• Finds a buyer
• Provides market insights
• Provides insights on enhancing business value

Mentor

• Provides guidance on the development of the succession plan

Family Business Facilitator

• Facilitates family councils
• Clarifies boundaries and goals
• Examines family values
• Mediator for family resolutions

RBC^® Commercial Account Manager

• Offers business financial advice to support the business transition, before, during and after the event
• Provides access to a network of RBC experts
• Shares industry and market contacts
• Provides advice and suggestions to maximize business value and minimize transition risks
• Gives you access to market and industry insights, as well as economic outlook information
• Advises on financing options for the acquisition

RBC personal financial advisor

• Offers personal financial advice and solutions
• Advises on retirement planning, personal wealth management and estate planning
• Helps define future goals, considering the larger picture