Savvy Business Owners Plan for Success…ion–What is it?
There are two aspects to succession planning that are important to business owners. The first type of succession planning is the inevitable internal change of key employees as they progress along career paths. Evaluating and developing these future leaders is can play a crucial role in transitioning the business to next owner(s).
The second type of succession planning involves the transition of business ownership, which in this course will be called business succession planning. Whether transitioning ownership to employees, family members or potentially to a competitor, planning is extremely important. In addition, planning is also important if permanently closing the business is the transition strategy.
In a recent report published by MNP
- more than half of Canadian family owned business do not have a succession plan put in place,
Begin planning your succession today by finding a team of service professionals or have us do it for you.
Beware of Using Other People’s Money–The Death Grip
A mortgage is an example of a secured loan. It is used to purchase houses or other types of real estate. The repayment options can vary depending on the lending institution, but most mortgage loans are repaid monthly over 25 years, called the amortized period.
When a monthly mortgage amortization payment is made, a portion of the payment goes to pay the principal of the loan (purchase price of the house) and the rest for the cost of using the loan (interest). The repayment schedule is called an amortization table, and it is used to identify future principal and interests payments.
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Beware of Using Other People’s Money–A Mortgage Presentation
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Are You Doing Your Personal Planning Wrong?–Bring Your Financial Life Together
As a successful business owner you no doubt have a tremendous skill set. If you are like most small business owners you have either learn to wear many hats or have hired specialists to wear the hats for you. (more…)
