After 40 years at KRP LLP, long-time partner Hartley Cohen is announcing his retirement. Hartley’s career as an assurance partner at our firm began in 1985. He quickly distinguished himself by delivering high-touch service to his client base of entrepreneurs, owner-managers, family-owned businesses and not-for-profit organizations. Those clients spanned a wide swath of industries, allowing […]
Until recently, it was more financially beneficial to sell a business to a third party in Canada, rather than passing it along to children or grandchildren through an intergenerational business transfer. This had been a longstanding bone of contention among entrepreneurs. Bill C-208, An Act to amend the Income Tax Act (transfer of small business […]
It’s supposed to be the time of life when you enjoy the fruits of your entrepreneurial labour—taking the time to travel, enjoy hobbies, spend more time with the family—activities that were often impractical or outright impossible when you were working day and night to operate and grow your business. But a recent CIBC poll sheds […]
The more money in a family, the more problems that can arise when it comes time to pass the estate or business on to the next generation. It doesn’t have to be that way, of course, but as we’ve seen in countless anecdotes and even our own client engagements, wealthy families have a tendency to […]
In recent weeks we saw the publication of a landmark investigation into U.S. President Donald Trump’s business dealings surrounding the sweeping real estate empire built by family patriarch Fred Trump, all the way up to the present-day management of the business under Trump scions Donald Jr. and Eric. Indeed, the venerable New York Times declared […]
It’s a nightmare scenario for any organization whose brand or operational structure is largely built around the expertise and industry standing of a charismatic owner or leader: that individual’s sudden, untimely passing. Fiat Chrysler (FCA) was forced to deal with just such a crisis in recent weeks when longtime CEO and turnaround wizard Sergio Marchionne […]
Family-owned businesses are a key driving force behind the success of the Canadian economy. As an accounting firm that works almost exclusively with entrepreneurs, we see this widespread reality playing out almost every day. Indeed, we’ve worked with dozens of family-run corporations, many in their second or third generations, that have enjoyed sustained financial success […]
Forget the trials and tribulations of starting and growing a business. Many entrepreneurs learn that the true challenge comes when they move to negotiate the sale of their company. There are a plethora of reasons, but the most daunting involve considerations such as valuation (what the business is worth), the competitive marketplace (the number of […]
A successful, lucrative exit—it’s the dream of so many entrepreneurs who envision building their business and one day selling to the highest bidder. While others may recoil at the thought of selling their ‘baby,’ the vast majority of the entrepreneurs that I’ve worked with in my career would leap at the chance to exit their […]
If building a succession plan is one of the most important business considerations for entrepreneurs, the question of who takes the reins is a close second. That’s particularly relevant for business owners who hope to pass their business to one, or more, family members. As I highlighted in my last post, a 2006 report by […]
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