{"id":2532,"date":"2023-03-30T18:56:01","date_gmt":"2023-03-30T18:56:01","guid":{"rendered":"https:\/\/testsite.socialitemediamarketing.ca\/?p=2532"},"modified":"2023-04-25T18:36:59","modified_gmt":"2023-04-25T18:36:59","slug":"succession-planning","status":"publish","type":"post","link":"https:\/\/new.queenston.net\/fr\/succession-planning\/","title":{"rendered":"Planification des successions"},"content":{"rendered":"
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REASONS TO HAVE A COMPREHENSIVE SUCCESSION PLAN<\/strong><\/span><\/h3>

By Jerry Butler<\/strong><\/span><\/p>

INTRODUCTION<\/strong><\/span><\/p>

Fifteen years ago most people went into insurance and\/or investment sales to make a good living and sell a product in which they were interested and believed could help their friends and clients. Building value in their business and selling it was not a consideration. Today most people in the financial product business have an asset that is probably 50% plus of their net worth.<\/p>

In true \u201cthe shoemaker\u2019s children were barefoot\u201d fashion most of us (> 90%) have not done the proper planning to determine, protect, maximize and realize that value.<\/p>

PROTECT YOU & YOUR FAMILY<\/strong><\/span><\/p>

A distressed sale is going to derive the least selling price of any other situation. We all know that. What planning do you have in place to protect the value of your business in the short and long term in the event of an unforeseen event? Uncertainty by your clients; due to your disability or death will result in clients finding an alternative \u2013 in a hurry. \u00a0In addition, without the prospect of a proper transition \u2013 the value of your business is going to be worth a lot less than when there is proper planning in
place. If there is no formal valuation or continuation plan in place; your family may take the first offer that comes in the door.<\/p>

EXIT STRATEGY<\/strong><\/span><\/p>

It is ironical that financial planners talk to people all day long about retirement planning but do not have a solid plan for an exit strategy for themselves. If you want to retire in 5 years and know what your business is worth today and have\u00a0 a plan to double the value in 5 years \u2013 wouldn\u2019t that be more productive than just thinking \u201c gee I would like to retire in 5 years \u2013 hmmm. I will deal with that in 4 \u00bd years!<\/p>

TAX AND LEGAL PLANNING<\/strong><\/span><\/p>

This is very important \u2013 it can save tens of thousands in income tax and professional bills in the future or in the case of an unforeseen event. The best corporate structure, clean balance sheet, legal contingencies addressed, wills and personal assets, etc. should be addressed sooner rather than later.<\/p>

ESTATE PLANNING<\/strong><\/span><\/p>

Most small businesses\u2019 success is the result of one person. The problem is when the value is wrapped around the owner\u2019s presence. If the owner is not there to select, negotiate and train a successor much of the value can be lost. It is important to have a succession plan in place to minimize the lost value and \/or income from the business in the case of an unforeseen event. Even short term disability can result in a loss of income and\/or value.<\/p>

WHEN TO START YOUR SUCCESSION PLAN<\/strong><\/span><\/p>

What is that saying about planning? \u00a0\u2013 \u201cthe best time to do planning was in the past; the second best time is now!\u201d<\/p>

EXIT STRATEGIES<\/strong><\/span><\/p>

It is a very important segment of Succession Planning to have many \u201cwhat if\u2019s\u201d Exit Strategies. There are two basic scenarios to exit your business\u00a0–<\/p>

  • When you have planned to i.e. the perfect scenario \u2013 right time and right price; and<\/li>
  • Every other time!\u00a0This could be from death,\u00a0disability, family issues, financial, etc. The main reason to have a Succession Plan is to\u00a0protect your assets when you\u00a0or your family HAVE\u00a0to sell.<\/li><\/ul>

    Succession Planning is similar to\u00a0buying insurance \u2013 you do it for the unexpected events in your world not for the perfect scenario.<\/p>

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    REASONS TO HAVE A COMPREHENSIVE SUCCESSION PLAN By Jerry Butler INTRODUCTION Fifteen years ago most people went into insurance and\/or investment sales to make a good living and sell a product in which they were interested and believed could help their friends and clients. Building value in their business and selling it was not a […]<\/p>","protected":false},"author":1,"featured_media":2533,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"disabled","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27],"tags":[],"class_list":["post-2532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sellers"],"_links":{"self":[{"href":"https:\/\/new.queenston.net\/fr\/wp-json\/wp\/v2\/posts\/2532","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.queenston.net\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.queenston.net\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.queenston.net\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.queenston.net\/fr\/wp-json\/wp\/v2\/comments?post=2532"}],"version-history":[{"count":0,"href":"https:\/\/new.queenston.net\/fr\/wp-json\/wp\/v2\/posts\/2532\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.queenston.net\/fr\/wp-json\/wp\/v2\/media\/2533"}],"wp:attachment":[{"href":"https:\/\/new.queenston.net\/fr\/wp-json\/wp\/v2\/media?parent=2532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.queenston.net\/fr\/wp-json\/wp\/v2\/categories?post=2532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.queenston.net\/fr\/wp-json\/wp\/v2\/tags?post=2532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}