Crossroads Insurance & Investments
  • HOME
  • SERVICES
    • INDIVIDUALS & FAMILIES
      • FINANCIAL ADVICE
      • RETIREMENT PLANNING
      • ESTATE PLANNING FOR YOUNG FAMILIES
      • ESTATE PLANNING FOR RETIREES & MATURE FAMILIES
      • CHARITABLE GIVING
      • MANULIFE ONE
    • NEW IMMIGRANTS
      • FINANCIAL ADVICE
      • RETIREMENT PLANNING
      • ESTATE PLANNING
    • BUSINESS OWNERS
      • FINANCIAL ADVICE
      • RETIREMENT PLANNING
      • ESTATE PLANNING
      • SUCCESSION PLANNING
      • GROUP BENEFITS
        • HEALTH BENEFITS
        • RETIREMENT BENEFITS
    • INCORPORATED PROFESSIONALS
      • FINANCIAL ADVICE
      • RETIREMENT PLANNING
    • INSURANCE
      • DISABILITY
      • CRITICAL ILLNESS
      • LIFE
        • PERSONAL
        • CORPORATE
      • MORTGAGE LIFE INSURANCE
      • LONG TERM CARE
      • CROSS BORDER INSURANCE
    • INVESTMENT
      • REGISTERED EDUCATION SAVINGS PLAN
      • TAX FREE SAVINGS ACCOUNT
      • REGISTERED RETIREMENT SAVINGS PLAN
      • REGISTERED RETIREMENT INCOME FUND
      • ANNUITIES
  • ABOUT
    • ABOUT
    • PROCESS
    • SUPPLIERS
    • PRIVACY & WEBSITE TERMS OF USE
  • NEWS
    • CALCULATORS
  • CONTACT
  • Click to open the search input field Click to open the search input field Search
  • Menu Menu
    Blog - Latest News

    Easy Exit: Business Succession in a Nutshell

    April 1, 2022/in Blog, Business Owners/by Crossroads Financial Inc.

    Getting into the world of business is a meticulous task, but so is getting out of it

    Whether you’ve just hit the ground running on your business or if you’ve been at it for a long time, there is no better time to plan your exit strategy than now. Although the process may seem taxing, we’ve answered a few questions you may have about planning your business succession strategy. 

    1. Who do I talk to about this? 

    Deciding on how to go about the transition requires careful planning, and you need to consult no less than people who are well equipped to help you out. First, talk to your key advisors such as bankers and financial partners. You could also use some advice from your accountant and lawyers. If your company has an advisory board, better consult them as well. You may also hire a specialist or a consultant, depending on how you choose to go about your business succession plan. 

    2. Who should I choose as a successor? 

    There are several ways to go about this, and your decision will ultimately be your personal choice. You may pass on your business to a family member or to your top executives or managers. You may also choose to sell it to an outsider. Whichever path you choose, you can also decide on how much you want to be involved in the business after you pass it on. That is, if you want to be involved at all. 

    3. When should I inform my successor about my plans? 

    While a surprise inheritance may be heartwarming, it’s not the same with inheriting a business. Getting a successor ready—whether it’s a family member or someone from your company—requires careful planning and training. As soon as you’ve chosen a successor, better get started on getting them ready for the big shoes they’re about to fill. This includes helping them equip themselves with the necessary skills, knowledge, and qualifications necessary to run your business. 

    4. How do I plan the transition itself? 

    The transition will be twofold—transferring ownership and handing over the business itself. As far as transferring ownership is concerned, you need to consider legal and financial details. These include valuation, financing and taxation. You also need to consider if you wish to keep your current legal structure (corporation, sole prop, partnership, etc.) or if you (or your successor) would like to change it. You also need to plan how to prepare various stakeholders in the business for the transition. How will you prepare your customers, clients, and employees? What would be their level of involvement? Make sure that you put different strategies in place in order to ensure transparency and consistency in communicating changes in your business, especially something as drastic as succession. 

    5. Now that I have a business succession plan ready, can I go back to business as usual? 

    Not really. Your business and your customers’ needs may change over time. This means that you need to keep reviewing and adjusting your plan as your business also evolves. 

    Tags: business owners, business succession, key person
    Share this entry
    • Share on Facebook
    • Share on X
    • Share on LinkedIn
    • Share by Mail
    https://crossroadsfinancial.ca/wp-content/uploads/2022/04/500x500-BUSINESS-SUCCESSION-coverImage.png 500 500 Crossroads Financial Inc. https://crossroadsfinancial.ca/wp-content/uploads/2020/04/websiteLogo-300x92.png Crossroads Financial Inc.2022-04-01 06:00:002022-04-01 06:14:36Easy Exit: Business Succession in a Nutshell
    You might also like
    Retirement Planning for Business Owners – Checklist
    10 Essential Decisions for Business Owners

    Book a Meeting

    Search Blog Posts

    Search Search

    Latest News

    • Why Life Insurance Should Be Part Of Your Estate PlanningSeptember 1, 2026 - 1:30 pm
    • Financial Checklist for New Parents in CanadaAugust 6, 2026 - 12:00 pm
    • Generic Ozempic Is Here. Will Your Drug Plan Actually Save Money?July 15, 2026 - 10:35 am

    Categories

    • 2020
    • 2020 Only
    • 2021
    • 2022
    • 2022 Only
    • 2023
    • 2024
    • 2025
    • 2026
    • Accountants
    • Blog
    • Budget
    • Business Owners
    • business owners
    • buy sell
    • Center of Influences
    • Charitable Gifting
    • Coronavirus
    • Coronavirus – Associates
    • Coronavirus – Practice Owners
    • Coronavirus – Practice Owners
    • Coronavirus – Retired
    • Coronavirus – Retiring
    • Coronavirus – Students
    • corporate
    • critical illness insurance
    • Debt
    • dental benefits
    • disability
    • disability insurance
    • Estate Planning
    • Family
    • farmers
    • financial advice
    • Financial Planning
    • Government Budget
    • Group Benefits
    • health benefits
    • incorporated professionals
    • individuals
    • Insurance
    • Investment
    • life insurance
    • long term care
    • mortgage
    • Ontario Only
    • pension plan
    • personal finances
    • Professional Corporations
    • Professionals
    • rdsp
    • Registered Education Savings Plan
    • Retirees
    • retirement
    • rrsp
    • tax
    • Tax Free Savings Account
    • travel insurance

    Get in Touch

    Crossroads Financial Solutions Inc.
    Tel: (905) 361- 6500
    Email: connect@crossroadsfinancial.ca
    TF: 1-877-607-6237

    4255 Sherwoodtowne Blvd, Suite 102
    Mississauga, Ontario
    L4Z 1Y5

    Latest News

    • Why Life Insurance Should Be Part Of Your Estate PlanningSeptember 1, 2026 - 1:30 pm
    • Financial Checklist for New Parents in CanadaAugust 6, 2026 - 12:00 pm
    • Generic Ozempic Is Here. Will Your Drug Plan Actually Save Money?July 15, 2026 - 10:35 am

    About

    Everyone has their own dreams. Protecting those goals is our mission. We believe there is no “One Size Fits All” when it come to planning your insurance needs and investment goals.
    We encourage you to have a discovery meeting with us.

    ©2020 Financial Tech Tools Inc. | Privacy Statement and Terms of Use
      Link to: Charitable Giving Link to: Charitable Giving Charitable Giving Link to: 2021 Income Tax Year Tips Link to: 2021 Income Tax Year Tips 2021 Income Tax Year Tips
      Scroll to top Scroll to top Scroll to top