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A circle diagram with business succession planning in the middle. Arrows pointing out in all directions with all the things to consider when planning for a business.

Blog FAQ – Business Succession Planning

December 30, 2023

As business succession planning professionals we deal with clients at various planning stages. We have found that individuals preparing for a business succession often have similar questions to the ones outlined below. We have not provided answers to these questions as the answers will vary depending on each unique situation. If you have questions similar to the ones below, it may be time to connect with us to discuss business succession planning for you.

Common Business Succession Planning Questions:

  • What is succession planning and why is it important?
  • When should I start my succession plan?
  • What strategies are available to me to exit my business?
  • What are the tax implications of a succession plan?
  • How do I identify and groom possible successors in my business?
  • Should I involve key employees in the succession process?
  • What is the best way to get my kids involved in my business?
  • How do I determine the value of my business?
  • Should I use a broker to sell my business?
  • What fees would a broker charge to sell my business?
  • What is the Lifetime Capital Gains Exemption and how can it help me?
  • Is a family trust the right fit for me?
  • How do I transition my business to a group of key employees?
  • What role does a buysell agreement play in succession planning?
  • Is life insurance an important part of my succession plan?
  • What type of life insurance would be best for my succession plan?
  • What contingency plans should I have in case my chosen successor is unable or unwilling to take over?
  • What is the best way to communicate my plan to the employees?
  • What professional advisors should I engage to help me create a succession plan?
  • What are the challenges commonly faced during the succession planning process?

If you have questions about business succession planning, the advisors at Three60 Wealth can help. Our team of Calgary-based wealth and estate planners can integrate its vast experience and network to create a customized plan for you, your family and your business.

For a truly different financial planning experience, contact our office online or at 403-640-4414 to schedule an introduction meeting.

Authored by: Jason Nagel, Director of Advanced Planning at Three60 Wealth