Category Archives: Succession

Succession Planning

Common pitfalls to avoid

Business owners have a lot on their plate: they are constantly pulled in a million directions and are often busy putting out the proverbial fires that come with the territory. Unfortunately, this is one of the reasons most ignore or put aside succession planning. After all,...

It’s A Family Affair: Succession Advice Your Accountant and Lawyer Won’t Tell You

As appeared in the Golf Business Canada magazine Spring 2018 edition Research shows that too much attention is being paid to the technical aspects of the succession plan, such as the estate freeze, business valuation, tax minimization, trust and wills while too little attention is being paid to the no-technical component such as...

Get Your Family Onboard: Lesson 2 From the Pirates – Compensation & Corporate Benefits

Get Your Family Onboard: Lesson 2 From the Pirates – Compensation & Corporate Benefits

Compensation & Corporate Benefits

When you look at the rules relating to compensation for the pirates, they left very little room for questions or conflict. It was crystal clear that the Captain will receive 1.5 times the compensation of the crew. The compensation was clearly stated for...

Get Your Family Onboard: Lesson 1 From The Pirates – Employment, Management & Ownership Criteria

Get Your Family Onboard: Lesson 1 From The Pirates – Employment, Management & Ownership Criteria

As we can see from the pirates’ Code of Conduct, what was expected from each pirate while they were onboard the ship was clear. Furthermore, the consequences for non-performance was also made clear. In many family businesses, family members are hired with little regard for...

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Recent Posts

Money talks

Determining salaries, benefits and dividends When you co-own a business, who determines each partners's salary? What is this based on? Is it fair? How and...
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Succession Planning

Common pitfalls to avoid Business owners have a lot on their plate: they are constantly pulled in a million directions and are often busy putting...
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Mixing marriage, family, and business

"Do I need a pre-nup?" Getting engaged, planning a wedding, and exchanging vows are all momentous occasions in an individual's life. Often, those planning a...
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