Business Succession/Estate Planning

Do you know what would happen to your business in case of your death or illness? Do you know who would take the business over and what tax consequences would it have?

Planning these things now may sound premature but in the long run, you can prevent overpaying on taxes, ensure the continuation of your business, avoid family conflict and give a sense of security to your employees and business partners.

RMI LLP provides Business Succession Planning also known as Estate Planning services to small businesses and medium-sized companies in Calgary.

What is Succession or Estate Planning?

As a business owner, you should have a plan on how to transfer ownership or management of your business.

Having a succession plan in place allows the business to run smoothly even after the main person leaves the company.

Small businesses are in most cases taken over by the family members and the responsibility of creating a succession plan is on the current business owner.

Why is it good to have a succession plan?

Having a succession plan has many benefits such as:

protecting the business from unexpected change (death, illness, key manager’s leave, etc.)
preserving brand reputation
tax savings
proper knowledge transfer
being prepared for retirement or sale of business

Is there a difference between an estate plan and a succession plan?

There is a slight difference between the two. Succession planning is more about the transfer of your wealth and continuity of the business while estate planning focuses on how the ownership will be passed upon your death.

RMI's Business Succession Planning Services Include:

Identifying objectives
Determining tax and financial impacts
Choosing the best corporate structure
Estate freeze

Share structuring
Choosing the successor
Planning and executing the transition
Independent advisory services
Family trust

How to get started working with RMI on your succession plan?

You can schedule a Free consultation with us. From there we will go through all the aspects of your business and then determine the best tax structure for a smooth transition.

Simply call our office and ask to speak with a member of our succession planning team. You can also request a free consultation by submitting the form below.