Life and business changes take time and effort to plan. We’re here to help with Business Owner Planning, offering you complimentary advice to help achieve your personal and business goals.
Your RBC Business Advisor will work with you to:
Benefits of planning your transition in advance:
If you’re passing all or part of the business to a family member, then it’s important to help them take over as seamlessly as possible. They may already be working in the business in some way and be familiar with the business operation. To make this even easier consider:
For many owners selling the business is the ultimate end goal, where you get to realize the value of all your hard work with a clean sale to another person (which could be an employee or someone outside the business). Other owners may decide it’s more beneficial for them and the business to merge with a complementary business, or you may find yourself in a position of being acquired by another company. Each of these scenarios will require you to consider a number of aspects:
If you’ve transitioned your business, you’ll be thinking about what the future holds. Some of the areas you may consider are: