In general terms, the business succession process takes time, and more importantly, planning, and should include the following steps: Determine whether business succession can take place within the family or if outside parties will be needed to make this succession successful, Develop your businesses’ succession plan, Chart the course for the implementation of the plan, […]
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What and why? I am not a lawyer and would first recommend that you seek legal advice to ensure that this document is properly drafted and sets in place the powers and restrictions that meets your wishes. A power of attorney is a document providing powers generally that you hold relating to financial decisions and […]
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Succession is all about planning for future events. Hoping for the best: a successful, orderly and timely transition of your business. Planning for the worst: what if the unforeseen happens? It is not always possible to anticipate every event. However, as the leader, it is your role and duty to plan for major life events. […]
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Dividends are intended to provide a return to shareholders of the family business. Paying dividends may not necessarily be financially motivated because the internal rate of return on funds reinvested in the business may make the capital allocation of paying dividends fiscally inefficient. This means that the business could reinvest these funds at a better […]
Read MoreAlmost 6 months now – and our lives will not be the same. I hope that your business and your spirit have survived this significant body blow. The fact that we literally stopped our economy overnight tested the mettle of many families and many enterprises. Despite all of this. I see signs of the humility, […]
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