Keeping the 'family' business Winnipeg MB

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

Joan-Alfa Management Svc Ltd
(204) 726-8844
9 Sykes Blvd
Brandon, MB
 
A C Lane Consulting Inc
(204) 727-2516
59 Neepawa Dr
Brandon, MB
 
Nancy Gray & Associates
(204) 956-0075
Winnipeg, MB
 
Grant Thornton Llp
(204) 944-0100
900 One Lombard Pl
Winnipeg, MB
 
First Key Management Resources Inc
(204) 453-0396
Winnipeg, MB
 
Occupational Rehabilitation
(204) 727-4809
610 15th St
Brandon, MB
 
Steingarten Schechter & Co
(204) 949-1411
Winnipeg, MB
 
Manufacturing Excellence Company
(204) 661-4614
92 Williamson Cres
Winnipeg, MB
 
Mkm Management & Financial Services
(204) 253-4031
46 Salme Dr
Winnipeg, MB
 
Brain Storm Planning Inc
(204) 831-0086
Winnipeg, MB
 

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