Category: Business Owners

Succession Planning

Getting Organized Part 1-What Are Your Goals

As business owners regardless of how we choose to achieve happiness in life goals have been set and accomplished. Setting the right goals can add more happiness in life by: • Improving our ability to Focus • Progressing towards an achievement • Locking in and becoming distracted • Overcoming procrastination • Becoming more Motivated Achieving […]

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Financial Planning-Part 1-Getting Organized

In their book, Living Forward: A Proven Plan to Stop Drifting and Get the Life you Want, Michael Hyatt and Daniel Harkavy indicate the legacy we leave behind is the result of working towards a much larger plan. Predetermining in advance the assets we hope to leave behind (intangible and tangible) help us live to […]

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Attracting and Keeping Key People In Your Business

Welcome to the team! As business owners we all know and understand the importance of finding and keeping quality employees. Because the growth of our business probably depends on developing a great team to implement great systems, maintaining personnel is vital. There are many reasons why people choose to stay working in our company’s. (enjoyed […]

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Permanently Fund The Buy and Sell Agreement

As a business owner finding solutions to today’s problems are not always solutions to future problems. Keeping key employees Offsetting capital gains Retirement diversification Estate equality Debt reduction Vendor financing Supporting charities Tax deferred growth Protect family Funding buy and sell agreement Insurance can provide the solution (Term 10, 20, 30) permanent (whole life, universal […]

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Savvy Business Owners Plan for Success…ion–Fund a Buy and Sell Agreement

As one of several owners of an incorporated business, you have probably spent years developing this valuable asset. In fact a large part of your legacy could be the result of the cash received in the selling of your shares of the business. To help ensure the legacy is kept intact a buy sell agreement […]

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Savvy Business Owners Plan for Success…ion–With a Buy and Sell Agreement

Imagine after years of building your business with partners The shareowners (shareholders) have a disagreement and one wants out of the business. He decides to sell his shares to a competitor (WHO) A shareowners (shareholders) becomes disabled after hitting a tree mountain biking and needs cash for surgery. He decides to sell his shares back […]

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Business Succession Planning–The Dream Team

With the rising complexity of taxes, corporate structures, financial products for business owners and legal issues it is difficult to stay ahead. Let alone developing systems that run without you, maintaining thorough and accurate financial records, and managing Net Profit. In fact it can be overwhelming especially in the business transition cycle. Having the right […]

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Keeping Shareholders on the Same Page With a Shareholders’ Agreement

As an incorporated business there can me more than one that share in its ownership. Shareholders can also take on other responsibilities based on individual skills sets to divvy up responsibilities. To help layout the rights and obligations, above and beyond the legal requirements set out by provincial and federal legislation is a document called […]

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Savvy Business Owners Plan for Success…ion–Set Financial Goals 4

There are many reasons why we might decide to sell, transfer, or liquidate our business. For many the ultimate goal is to sell the business and use the proceeds to fund other financial goals.(retirement, buy property, buy another business, give to family). Regardless of the reason for exiting the business, emotionally separating from a developed […]

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Savvy Business Owners Plan for Success…ion–Set Financial Goals 3

Imagine funding one of your long term financial goals from the proceeds of the sale of your business. Do you know the sale price needed to adequately fund the lifestyle you want to live? Do you know which operational steps (Increase revenue, Decrease direct and indirect costs, Increase Net Profits) are needed to move towards […]

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