Longevity crisis: Why entrepreneurs should act now to shore up retirement savings

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 […]

Stronach family squabble offers important lessons in business succession

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 […]

What’s the difference between tax avoidance and tax evasion?

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 […]

Chrysler CEO Sergio Marchionne’s death offers business succession lessons for entrepreneurs

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 […]

Studies show that family businesses last longer. Here’s why

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 […]

The right way to negotiate the sale of your business

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 […]

7 key questions to consider before selling your business

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 […]

Business Succession Planning, Part 2—How to select and groom a successor

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 […]

Business Succession Planning, Part 1—Key considerations when building a plan

For entrepreneurs, there are few more important considerations when building and growing a business than their eventual exit—either by choice upon retirement, or by some other inevitable circumstance such as their passing. Many CEOs hope that their eventual line of succession leads directly to family members, perhaps an ambitious son or daughter, or a management-minded […]