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"Harpal Dharna and his associates have been my financial advisors for over 3 years, and thanks to Harpal's advice, my net worth has doubled in that time. Harpal is always available to discuss my financial situation and is patient and takes the time I need to explain financial matters, sometimes more than once!"     

By PATRICIA BALL
Bookkeeping, Accounting and Investment services in Mississauga, GTA, Ontario
     
 
Business Succession Planning

How do you see the future of your business?

Can anyone replace you in your own business?

As a business owner, you'll want to ensure that your business continues to succeed when you retires or becomes seriously disabled, or dies. A succession plan is a formal process that determines how a business will be transferred to others, outlining the steps necessary to prepare for that transition.

A succession consists of a series of steps that are carried out in sequence and this takes planning. You will need to set your financial goals, legal requirements and a firm date for your exit from the business which will guide your discussions with your family and successor.

Small Business success planning, starting a business - Mississauga, Toronto, Ontario

Why early planning?

As per Dharna & Associates – “the best time to plan is when you don't need to plan”. It is very important to do early Business Succession Planning even if you don’t plan to retire for many years. An unforeseen event could suddenly make it impossible for you to continue operating your business.

Do you know one-third of family-owned businesses survive the transition to the second generation!

Delayed business succession planning could allow someone else to decide what happens to your business, and potentially at significant cost. Early planning helps reduce the tax impact of ownership changes, as well as ensure a smooth and successful transition of the business to the new owner or owners.

Succession Planning Steps:

Taking the time to think through these six key steps will help you start you your business succession plan. Dharna & Associates can help you work through these steps:

  • Evaluate your present situation
  • Understand your business and family goals
  • Identify and prioritize action plans
  • Select best action plan and set time table
  • Document your decisions
  • Implement and monitor your plan
Small Business success planning, starting a business - Mississauga, Toronto, Ontario

At Dharna & Associates, we have the expertise to help you in smooth and successful transition from your business. We also help you in formulate and implement your business succession plan.

   
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