Business Succession

Trusted Professionals Advising on Business Succession Planning for a Smooth Transfer of Ownership

Whether your business is just starting out, firmly established, or you are ready to begin winding your business down, a concise plan for what happens to your company when you are either no longer willing or able to operate it is a crucial element for any successful business. That’s why developing a comprehensive business succession strategy is essential to ensuring a smooth transition of ownership.

Most of us don’t like to think about how our lives and businesses would be impacted if the worst happened, but whether preparing for how your business will be run when you are ready to retire or who will take over operations in a case of an unexpected change like death or illness, a business succession plan gives you peace of mind from knowing that the legacy you have worked hard to build will continue while maintaining the same core values that have led to your success.

With so much at stake, partnering with a trusted and experienced professional is essential. That’s where we come in. The knowledgeable advisors at KSSP Partners LLP can help you create a business succession plan that will safeguard your business’ legacy and ensure it will continue after you have moved on.

Determining the Best Next Steps for You and Your Business

Developing a business succession plan is critical in determining how you will transfer your business’ ownership and transition away from a leadership role. Having a solid plan in place will ensure that your business will not be negatively impacted when you are ready to retire or should you experience an unforeseen event.

At KSSP Partners LLP, we are an innovative mid-sized accounting firm dedicated to delivering modern strategies to a diverse clientele. As essential business advisory partners, we are committed to guiding our clients through the process of creating a business succession plan to meet their specific needs. We understand that every business is different, and there are no cookie-cutter succession plans. Whether you are considering passing your business to a family member, a management buy-out, or selling to a third party, we will take you step-by-step through your exit strategy, help you to determine your goals for your business and your retirement, and create a succession plan that will ensure a smooth transition of ownership while mitigating additional taxes and minimizing internal disruptions.

Effective Business Succession

When developing an effective business succession plan, there are a number of key factors that come into play, and for many small businesses taking all those factors into consideration can be daunting.

Let our team of trusted business advisory experts take the weight and carry that burden for you. We can establish the best strategies for you and your business moving forward while helping weigh the options available to you.

Retirement and Exit Strategy

After years of hard work building your business, you want to ensure that you leave your legacy in the right hands when you’re ready to step back from a management role.  You also want to be certain you’ve made the best decision to ensure you continue to live comfortably after you retire.

We can help you determine what your best course of action will be and then create a plan that will let you achieve your goals and ensure you will have the resources to continue to live comfortably.

Transition Your Business to Family

For many, leaving a successful business to their children or family has motivated their business development. However, when getting ready to transition your business to family, there are issues to be considered. Does your family want to take over the business? How will the transition impact your retirement? Is this the right choice for you and your business?

We can guide you through your options and help you to ask the right questions when you are ready to engage your family in important conversations. 

Selling Your Business

Opting to sell your business can bring a host of variables to consider, including ensuring you are maximizing the value of your business and any tax implications resulting from the sale.

We can help by mitigating tax implications and ensuring a smooth transition to the new ownership.

Trusted Markham Business Advisors Providing Business Succession Solutions Across Ontario

At KSSP Partners LLP, our team of experienced advisors ensures that our client’s business transition is managed as they intended and passed on to their chosen successors. By taking the time to understand our client’s wishes for the future, we establish an individual plan to meet their individual needs. Let our dedicated team help you develop a business succession plan to meet the needs of both you and your business. To learn how we can help you, contact us online or by telephone at 289-554-5997.

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Services

Your Local Small-to-Medium-Sized Business Advisors.

We offer customized service for your specific needs. We will focus on understanding your unique personal and business goals and your industry to ensure we continue to provide the ongoing assistance you require.

At KSSP Partners LLP in Markham, we have a sophisticated knowledge of an expansive variety of national tax issues affecting both individuals and corporations. We provide comprehensive guidance to our clients in several areas, including:

01.

Bookkeeping and Cloud Accounting

At KSSP Partners LLP, our extensive knowledge of the latest cloud-based software allows our innovative accountants to offer a proactive approach to bookkeeping and you, the client, the opportunity to update, maintain and access your business's books in real-time. This gives you the opportunity to immediately identify strengths and weaknesses and adjust your business plans accordingly.
02.

Tax

Canadian tax legislation and regulations evolve frequently and can be challenging for businesses to stay current and compliant with these developments. At KSSP Partners LLP, our team of experienced Canadian tax experts can provide you with tailored solutions to meet all your tax needs. We approach every complexity with skill and experience to ensure our clients receive the best possible outcome.
03.

Advisory Services

Whether an established business, start-up, or entrepreneur, managing your business requires you to juggle various tasks. Everything from budgeting, forecasting, and procuring funds to strategizing and optimizing business processes to save on costs. Let KSSP Partners LLP take on that burden. We understand the challenges of business management, and our Advisory Services will help you realize your financial goals.
04.

Estate Planning

While few people want to consider the necessary steps that need to be in place should the worst happen, planning ahead for any eventuality is an integral component for any business. For the transfer of wealth and ownership of a company to pass smoothly, there must be a plan for succession. The knowledgeable and professional team at KSSP Partners LLP can help you create an estate plan that will ensure a smooth and straightforward succession.
05.

Audit Services

Detailed financial statements are essential to the success of your business. A reflection of your company's financial health, they also aid in making informed monetary decisions. Errors can result in expensive consequences. Let the capable and experienced team at KSSP Partners LLP help. We can review your business's internal controls and provide actionable suggestions to ensure strict regulatory compliance and the seamless functioning of your business.
06.

Business Succession

Whether your business is just starting out, firmly established, or you are ready to begin winding your business down, a concise plan for what happens to your company when you are either no longer willing or able to operate it is a crucial element for any successful business. That’s why developing a comprehensive business succession strategy is essential to ensuring a smooth transition of ownership.