Accounting firm BDO Canada1, found that only one-third of family-owned businesses survive the transition to second generation, with just a third of these getting to the next – a mere 1 in 10 chance of the business surviving for three generations. Often, the reason is insufficient planning. There is
If you are a solo entrepreneur or are otherwise self-employed, you are aware that it is nearly impossible to take into account all the various tax consequences of your business decisions. You have a business to run and customers to please, so decisions are often made on the fly.
Like many business owners, Rick and Warren thought it would be a simple process to continue the business when one of them died. Nothing could be further from the truth. Rick and Warren had a printing company and were equal partners. Warren died suddenly. Warren’s shares passed to
Business owners have to contend with many facets of financial management, business accounting, cash-flow management, and capital acquisition. The one area of financial management that often goes unheeded or is placed on the back-burner is their personal financial strategy, yet it is the one aspect of a business owner’s financial
Imagine the following scenario for a moment. You and your partner have opened a business, and are feeling extremely confident about your current success. Your primary competition across the street cannot keep up after one of their co-owners passes away, eventually closing down. Their entire customer base eventually comes your
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