Step back and plan ahead. You and your business will thank you.

Planning for your Business’ Future

A financial advisor can help with succession planning for your business

If you’re running your own business, you likely know that a financial advisor can help you plan for taxes, provide benefits for your employees, and protect you and your loved ones with insurance. But did you know that they can also help you with succession planning?

“When I meet with business owners, the first thing I ask is if they have a plan for retirement,” says Sarb Sangha, Wealth Management Specialist at Prospera Credit Union. “In my experience, many business owners don’t think about this stuff until they’re ready to retire, as opposed to 10 years in advance, and then it’s almost too late.”

In fact, the Canadian Federation of Independent Business (CFIB) says that nearly three quarters of small business owners plan to exit their business within the next 10 years, and 51 per cent of them have no plan at all for their business when they retire.

As the owner of a small business you’re very busy, but it pays to step back and plan for your financial future. Take the time to forecast, plan, and budget. The more successful the business, the more planning needs it has.

“A lot of times there are situations where a business is doing so good, the owners aren’t thinking about succession planning or protecting their wealth,” says Sarb. “Planning ahead is important, and a few ways you can do that are by: funding an insurance policy in advance, understanding your tax options and sitting down with a Wealth Management Specialist to build a financial roadmap.”

A good succession plan will help the transfer of your business go smoothly and allow you to maintain the good relationships you have with your employees and partners. According to the Government of Canada, it also helps you:

  • Protect your legacy
  • Build value for your business
  • Deal with unexpected events

At Prospera, advisors take a collaborative approach, bringing in specialists for different situations. “My role in this is to help orchestrate a succession plan,” says Bryan Ference, Prospera’s Family & Business Insurance Specialist. “What are your income goals after retirement? Do you have someone lined up to buy your business? The key here is to work towards your goal and not wait for someone to show up with an offer.”

You worked hard on building your business from the ground up, so take the time to ensure you have a plan and are set for the future. Whether your plans are to transfer ownership or sell your business before retirement, you will have decisions to make; plan for the transition today.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Vernon prays for women of Zimbabwe

World Day of Prayer celebrated in 2,000 Canadian communities, one of 170 countries

Local vocal talents sought for Okanagan stage

Okangan Singer-Songwriter Competition auditions underway

City Hall facelift moves services in Vernon

Cash station closed as renovations make way for new cemetery inquiries office

Japanese auxiliary celebrates 25 years of giving to Vernon hospital

Vernon Japanese Women’s Auxiliary has donated more than $10,000 to the hospital foundation to date

Project on track to fix pooling water issue plaguing Vernon

Final phase of construction on 48th Avenue

Mitchell’s Musings: Karma is king

One good turn leads to another and another…

Toddler killed in Squamish grocery store parking lot

Child’s mother taken to hospital but her condition is not known

Developer of RV resort west of Revelstoke ordered to stop selling lots

The Superintendent of Real Estate has serious concerns that buyers may not receive their purchase

Police dog located accused murderer in dumpster near West Kelowna crime scene

Tejwant Danjou’s application to have his impromptu guilty plea removed was accepted by the court

Police dog located accused murderer in dumpster near West Kelowna crime scene

Tejwant Danjou’s application to have his impromptu guilty plea removed was accepted by the court

Two law enforcement trucks ‘deliberately’ set on fire in northern B.C., RCMP say

Police say they have video evidence of a person in the area of the truck fires

Trans Canada east of Revelstoke to be closed overnight

The highway will reopen at 10 a.m. Feb. 29

Leap Year means we get an extra day in February, so how are you spending it?

People online have a number of suggestions and plans on how they will be spending Saturday

Most Read