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“Just in case…”: The Importance of a Contingency Plan for Your Business

Have you ever dreamed of selling your business and retiring to pursue a lifelong passion or hobby?  Hopefully, with a solid transition plan in place, that will happen. But, let’s face it. Life is unpredictable. There is no guarantee that you will live to see tomorrow’s sunrise. So, it’s important that you prepare for the least desirable exit option of all … the possibility of your death or disability before you have the chance to exit your business on your terms. Having a contingency plan in place provides the necessary backup in the event the unexpected happens.  This plan should be in writing and should outline what actions you want […]

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Event: Business Transitions Roundtable – Burnaby – April 6, 2016

Thinking of exiting your business within the next 5-10 years? Selling your business should be one of the most exciting and rewarding events in your lifetime. But recent surveys show that for many business owners, the process is unsatisfying, and sometimes downright disappointing. They discover that the business value is not what they expected, and that the process is complicated and filled with trap doors. Attend our Burnaby Business Transitions Roundtable Event On Wednesday, April 6, 2016, meet with experienced advisors for a casual roundtable-style information session on the key topics surrounding business transitions preparation.  Hear from the following local professionals: Business Law Erin J. Easingwood, LL.B, B.C.L. Family Enterprise Advisor™, Partner, […]

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Business Partners and Exit Planning – Overcoming Conflicting Objectives

Daniel and Henrik are shareholders/partners in Swedeco, a steel fabrication business they started in 1984.  Daniel is the extrovert, and has led the sales/marketing side of the business, building a strong team and an effective sales process.  Henrik is more introverted, but leveraged his engineering background and close attention to detail to lead the operations side of the business.  With skills, knowledge and personalities complementing each other so well, the two men have built a very successful business.  Fifteen years ago, they bought the real estate the business occupies, and a few years later invested their profits by buying the building next door, which they rent out.  Over more than […]

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Family Business Transitions – All in the Family or Letting It Go?

In this issue, we look at some of the common issues faced when family business owners consider transferring ownership to the next generation. Mark has been working full time in the family manufacturing business since he was 18 years old – he is now 42.  His parents started the business when he was 7 – it was his part time and summer job as a teenager, and he juggled time at the plant with getting his college business diploma.  His parents are now in their mid-60’s and it has always seemed a foregone conclusion that Mark would take over the family business from his parents. But Mark has a number […]

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