Short guidance from Bob Gauvreau on the importance of professionally establishing a business’s value for succession and estate planning, particularly to avoid negative tax consequences during ownership transitions.
One of the areas that we work often in, especially our sophisticated tax team, is in business succession and estate planning purposes. So during these procedures, what happens is an establishment of value of what your business is actually worth is necessary in many cases, especially if you've got a business that's worth a fair, substantial amount of money. And what we need to do, especially to lock in and eliminate any sort of tax negative consequences associated with a transition, especially if we're doing a succession plan, we need to lock in the value and we need it to be done in a very professional way so that there's no issues with the Canada Revenue Agency on a go forward basis.
What Does a Successful Business Exit Actually Require And How Long Does It Take to Build Toward?
