Keeping the 'family' business Regina SK

If you know you're the next in line for family business management, read this article for a better understanding of your new position.

T Bakkeli Consultants Inc
(306) 546-2871
2341 McIntyre St
Regina, SK
 
Stobbe and Associates Ca
(306) 352-2611
1401 Albert St
Regina, SK
 
Business Advisory Corporation
(306) 790-2020
4032 Wascana Ridge Bay
Regina, SK
 
A L Management Group
(306) 790-2050
4032 Wascana Ridge Bay
Regina, SK
 
Ernie Lawton Consulting
(306) 949-5339
1427 Sidler Dr
Regina, SK
 
Strategic Future Group
(306) 584-0628
Regina, SK
 
A L Management Group
(306) 790-2020
Regina, SK
 
Jca Consulting
(306) 522-5223
Regina, SK
 
Hay Group Limited
(306) 359-0181
1914 Hamilton St
Regina, SK
 
Hj Linnen Associates
(306) 586-9611
2161 Scarth St
Regina, SK
 

Keeping the 'family' business

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By Stephanie Regan

(NC)- "To fail to plan is to plan to fail," the old adage goes. In the world of family business, it's mostly understood that one day Mom and Dad will step aside and let the new generation take over. So, what's to plan? But if the family hasn't provided for an orderly succession, a position may be "up for grabs," and with emotion and family history affecting decisions, the handover might be anything but simple.

Succession planning becomes critical when the manager-owner starts approaching retirement age, or is in poor health. Chances are the younger generation is unsure how to raise such a touchy subject. That's why it's important to plan how the family business will be handed over.

One approach is to think of it as a process in which the family plans for the transfer of knowledge, skills, labour, management, control and ownership of a business between the founding generation and the next generation.

A succession plan should:

• Contain a statement about the distribution of ownership

• Identify the new leaders

• Explain how the new leaders are to be trained for their roles

• Define the roles of other key members during the transition

• Outline the details for the purchase or sale of stakes in business

• Detail taxation, legal and financial considerations

• Plan for retirement considerations

• Give a procedure for dealing with disputes and problems

• Contain a timetable for the succession

If you're thinking about succession, a call to the Canada-Ontario Business Service Centre (COBSC) could help. Specially trained business information officers are available to assist you when you call (1-888-576-4444 or TTY 1-800-457-8466) weekdays between 8:30 a.m. and 6 p.m. EST. The COBSC (www.canadabusiness.ca/ontario) works in partnership with business organizations all over Ontario to provide free government business information, tools and programs to the owners of small and medium-sized enterprises.

- News Canada