According to Nobel Peace Prize laureate Desmond Tutu “there is only one way to eat an elephant: a bite at a time.” What he meant is that everything in life that seems daunting, overwhelming, or even impossible can be accomplished by taking on just a little at a time. What a perfect analogy for transitioning a business!
Getting business owners invested and involved in the planning of their eventual exit, can be difficult at the best of times – for several valid reasons: Where do I start? Who needs to be involved? What’s the timeline? How do I address family, suppliers, and/or lenders? If it’s a family business, will the kids be ready to take over?
These layers of apprehension build up a reluctance for business owners to engage in the process until they feel they have all the answers – many of which may not be forthcoming. The process can be less daunting by engaging a financial planner and your tax and legal team to help.
What is this episode about?
From dead stop to cruising speed – navigating without a map! Laying the plans to transition a business, especially a family-owned business, takes measured steps and a multi-tiered plan. From addressing and solving intricate family dynamics to the seemingly endless tax and estate side of things, succession planning is often put on the back burner, waiting for a better time. The challenge with this approach presumes that nothing will ever happen to the founder, seeing those who inherit the business facing less-than-optimal conditions when and if time runs out to put that plan in place.
Joining us on this episode are founders Adam Mills of Four Winds Brewing, one of BC’s leading craft breweries (and the Mills Paint family legacy), and Jill Van Gyn-Carr of Fatso Nut Butters, sold via 500 distributors across North America, as well as Elyssa Lockhart, Partner, Trusts, Wills, Estates and Charities Department at Fasken Law.
What are we hoping will come out of this show?
Ever played a game of Texas Hold ‘Em, where you keep secret what cards you’re holding until the betting starts?
Unfortunately, all too often, family businesses practice the same mentality, with the founder holding all the cards, and only disclosing certain items to family members as they feel is necessary. Join us as we illuminate that – often – there is more than one way to succeed.
Jim Doyle, Doyle & Associates Private Wealth Management, Investors Group Financial Services Inc.
This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Jim Doyle is solely responsible for its content. For more information on this topic or any other financial matter, please contact an IG Wealth Management Consultant. Views of guest speakers may not be shared by IG Wealth.