Keeping the 'family' business Saskatoon 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.

Callin Management Ltd
(306) 382-7348
113 Meighen Cres
Saskatoon, SK
 
Hergott Duval Stack Management Consultants Inc
(306) 934-8025
1200 410 22nd St E
Saskatoon, SK
 
S-I Management Limited
(306) 244-3767
225 Ave B N
Saskatoon, SK
 
Key Business Services Inc
(306) 343-3539
Saskatoon, SK
 
K3 Kensulting Inc
(306) 956-7353
112C 116 Research Dr
Saskatoon, SK
 
Western Management Consultants
(888) 291-9710
Saskatoon, SK
 
CFO Ca Consulting Ltd
(306) 343-9111
221 2366 Ave C N
Saskatoon, SK
 
Western Information Management Inc
(306) 384-6868
106B 116 Research Dr
Saskatoon, SK
 
Business Advisory Services
(306) 966-8686
Saskatoon, SK
 
Strategies 2 Innovate Inc
(306) 978-8242
Saskatoon, 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