A Canadian man can expect to live to age 80, while a woman can look forward to 84 years of life. But if you think you’re invincible, think again. Especially in later years, life can be hard. Accidents happen. Illnesses crop up unexpectedly. And if you’re...
A business has its own life, separate from the owner or another executive. It must meet its deadlines, serve its customers and achieve its goals – even when the owner or executive has a personal emergency. Unfortunately, an absent or unavailable owner or executive can be...
You built your business from scratch. Every sale was a sacrifice, time away from your family. It was an investment in your future. Every time the business grew, it represented something you could do for your family: a larger home, a university education, a much-anticipated...
If you’re in business with a partner, you’re familiar with the juggle. Sometimes the partnership works well. Sometimes it doesn’t. When one partner reaches the decision that it’s time to leave, it may be a good idea to buy out your partner. Consider this checklist of...
No one wants to plan an exit strategy. An exit strategy sounds like giving up. What’s more, the self-starter who creates a whole new business rather than to work for someone else is unlikely to feel compelled to create an exit strategy. The truth is, though,...
Selling your business is hard work, and it doesn’t happen overnight. This isn’t like buying a new couch or even a new home. Conventional wisdom says it takes 6-12 months to sell a business – and that’s once you make the decision to do it. During...
Selling a business can be a challenge. In fact, the number of businesses that were sold in 2020 dropped by nearly one quarter, largely due to the economic downturn of the Coronavirus crisis.[1] But if you’re looking to sell your business, you may not be...
It’s a real investment to select and prepare a successor – and it takes real time. You can’t just hire someone into a position of authority and hope for the best. Finding the right person for the job can be a challenge. But following a...
If you have a family business, you’ve probably poured your heart and soul into it, building it into something for your children. The trouble is, only about 30% of family businesses make it to the second generation. And only 12% make it to the third. ...
More than half of small business owners in Canada have no succession plan at all – even though three-quarters of them are planning to retire in the next ten years. A formal succession plan can be difficult and time-consuming to develop, but knowing the pitfalls can...