Transferring the power or ownership of a company can be challenging, complex, and a difficult situation, particularly in family businesses involving the disability or death of an owner. Business succession planning can mean different things to different people. Regardless of the situation, whether it is exiting a business, protecting personal wealth, or ensuring it is properly handed over to the next generation, preparing a company for succession is rarely straightforward.
Business Succession Planning Services
Helping to Plan and Protect The Future & Turning Change Into Success
One of the most important business decisions a company can ever make, and certainly one of the most difficult, is planning for business succession. A transition may be a once-in-a-lifetime decision, one that has the potential to intensify stress, especially for family-owned companies. There are many aspects of succession that must be adequately addressed – financial, legal, technical, and emotional.
The longevity and health of a business depends on tackling these issues, requiring careful transition planning and communicating the results to the proper stakeholders at the appropriate time. Professional business succession planning increases the likelihood that a business will endure well beyond transition, ensuring an optimal chance for continued success and delivering lasting value to all those involved.
Succession planning is often best tackled sooner, rather than later. It is an area where leverage tends to diminish with time. Transitional decisions will affect all those involved, employees, customers, stakeholders, the future of the company, and most importantly, the person or persons deciding on how the transition will unfold.
At MDP, we know that business succession planning should always begin with a conversation. We work with clients to develop a clear and concise succession plan that ensures a strong, protected future. Our team collaborates with company owners, taking them through the process, assisting them in thinking strategically about succession while identifying ways to balance the needs of everyone affected. The Chartered Professional Accountants at MDP craft effective solutions that consider the full range of tax, operational, and estate planning issues – working hard to help the company move forward and succeed in the future.
Our Business Succession Planning Services can help you with:
- Identification of succession goals and planning for the future
- Development of short and long-term management approach
- Analysis of exit options
- Identification and analysis of potential risks and plans to address them
- Structuring of family businesses and dealing with family issues
- Business sales, mergers, and acquisitions
- Succession and tax efficient strategies
- Estates and trusts
MDP is distinct from many other accounting firms. Our practice group consists of individuals dedicated to providing the highest quality business succession planning solutions. We assist clients with a wide range of business advisory services across Southern Ontario, including Mississauga, Oakville, Stoney Creek, Hamilton, Burlington, and throughout the Greater Toronto Area.