Helping formalize an exit strategy or succession plan
You are the owner of a mature business or the potential successor of a business.
You may or may not be ready to retire but you wish to be freed of some of the daily responsibilities of your business.
You would like to see the next generation benefit and build on the foundation of the business you’ve established.
If you’ve been able to identify with any of the statements above, it may be time for you to think about formalizing an exit strategy or succession plan. The time to think about succession planning is typically sooner than you think.
We know each family and business is unique and naturally, no succession plan is the same. However, generally succession plans help alleviate concerns about:
- Structuring the sale of the business, balancing helping the next generation while still getting equity out of the sale.
- Sharing business growth with family members involved in the business.
- Treating all family members fairly, including family members that are not active on the farm or in the business.
- Turning your business assets into a secure income for retirement.
Paul Craft Financial Inc. uses a process to coordinate the development of your succession plan and oversees the plan to completion. Steps to creating a successful succession plan include:
- Interpreting and validating your vision, values and goals.
- Identifying key players, including active and non-active family members, and understanding their vision, values, goals and talents.
- Involving a team of advisors and specialists in their respective fields as needed, such as lawyers, accountants, and lenders to broaden the perspective.
- With the advisory team, considering issues such as legal, tax, financial structures, corporate structures, life insurance, credit, etc.
- Implementing an exit strategy that considers the family’s values and the needs of all parties involved.
Our role is to quarterback and lead the project, sharing the vision with other advisors, documenting tasks, assigning ownership and timelines, sharing results and measuring progress. We help ensure coordination of all disciplines involved. We feel this leads to better results, plans that are congruent with the wishes of all parties involved and all within in a shorter timeframe.
Once a succession plan is created, many clients tell us that:
- Family harmony is maintained, and the business enters a new phase.
- The new generation is empowered and has more certainty in their future.
- The business owners believe their retirement is more secure and that all family members have been treated fairly.
Contact Us to Learn More
- Individual life insurance
— Universal life
- Individual disability insurance
- Individual critical illness insurance
- Individual health & dental insurance
- Segregated fund policies, RRSPs & TFSAs
- Mutual funds – RESPs, RRSPs, RRIFs, TFSAs and RDSPs
- Payout annuities, RRIFs and LIFs
- Group insurance & retirement plans
|Paul Craft Financial Inc. offers London Life’s own brand of savings and investments, retirement income, life insurance, and mortgages. In addition, we can offer a broad range of financial products from other financial institutions.