For local, mid-size CPA firms, building alliances with complimentary trusted business advisors is a way to build bench strength while retaining control of the client. Instead of referring business away, partnering can provide a way to add new revenue streams without the risk of adding team members or losing control of the client. Partner to deliver added-value services that will deepen your client relationships and create new revenue streams for your firm.
Nearly 1 in 4 business owners say their business is not prepared if they were to die unexpectedly. Many haven’t spent the time to ensure the continuity of their business with a documented succession plan. Here are some tips to get started with 8 important factors for your succession plan.
There is a shift in the taxation policy in British Columbia. Plan ahead to lessen the impact - especially important for seniors. The government has moved from taxing us only on our sources of income to now include assets like the surtax on houses above a certain price.
If you own a business, it’s probably one of your most valuable and prized assets. Knowing the value of a business can change the life of a business owner – especially over time. Click here to find out how you can get a free copy of 'What's Your Business Worth?'
Properly structured, corporately owned cash value life insurance provides a great place to save money within a corporation. At the same time it provides many powerful ‘living benefits’ that an owner can access throughout their lifetime for any purpose.
For the first time in the last 28 editions of Pepperdine University’s “Market Pulse”, seller confidence has declined in 4 out of 5 price ranges. This means business owners who want to sell will have to deal with changing conditions. Sell now or wait?
The new Passive Investment Income Rules can be quite complex and every situation is unique. There are solutions to help you save on tax by reducing your passive income but still reap the benefit from an alternative, low risk investment class . Check out our link to the Passive Investment Income calculator and see how the new tax rules impact you.
To most small business owners, their business is one of their most significant assets. They are depending on a successful sale to fund the next chapter in their lives. By not knowing the answers to key questions about their business they are putting their future at risk. Avoiding these issues becomes their elephant in the room.
CASE STUDY: Unique challenges for owner-operators wanting to plan for retirement and exit from their business -- especially if there is no opportunity for a family succession. This case study shows challenges, solutions and results for the owner of a specialty wood manufacturing business.
Michael Carter’s article offers ideas as to why the next 10 years are a race and a challenge for the financial services industry that has never been seen before. Business owner wealth transfer is a generational opportunity where advisors and firms will be made or lost.
Achieving a better exit — a more strategic succession — starts with due diligence, done early. Discovery, planning and action makes it so.
For small business owners with passive income inside a corporation, a permanent whole life dividend paying policy can safeguard wealth and save on taxes.