Abrams Financial Toronto, Insurance | Wealth Management | Tax Advisory

Family Succession Planning

Succession planning is the process of exploring your business exit options and choosing the best strategy for you, your family and your business. Whether you want to transition your business to your children or sell it to an outside party, a succession plan will help you accomplish a smooth transition of your business in a tax-effective manner.

Depending on your situation and objectives, a succession plan can also be structured to generate a retirement income that meets your needs. Although you may not fully implement your succession plan until you are ready to retire, it’s important to start early. Developing a succession plan requires careful consideration of issues that can have serious financial and emotional consequences.

Working with a family business requires much more than knowledge of just tax, estate planning and the technicalities of insurance and financial products. Certainly, this knowledge is important but family business planning and succession planning needs more.  It requires empathy, sensitivity, experience and understanding of family values, morals and goals.  It requires a skill set that will help facilitate the transfer of successful family business from one generation to the next.  It requires the ability to communicate in the media that span generations whether it be letter, fax, email or twitter.

We combine our technical knowledge with our ability to address and understand the issues of a family enterprise.  Issues that can determine whether a family business, or in fact a family, will survive from generation to generation.


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