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Business Tax & Succession Planning

As a successful business owner, you can identify that there is a basic life cycle that your business has gone or will go through: start-up, growth & expansion, maturity and transition. There are undoubtedly challenges and rewards associated to each of these phases. 

Busioness Cycle Succession PlanningHumphries Wealth Group

The maturity phase often marks a time when thoughts start to shift to questions about the future of your company.Determining how to transfer the business ownership and transition out of a business management role while maximizing personal financial security is essentially what a proper business succession plan will provide. 


Tackling these thoughts can be very time consuming, emotional and challenging for business owners which is why this planning is often pushed aside or deferred for too long. We are business owners as well. As a result, we understand the challenges and the planning issues that business owners face.

Why bother with advance business succession planning? 


  • A poor management transition plan can have a negative impact on business results and can even result in business failure.

  • The value of your business may represent a substantial source of income in retirement. Proper succession planning can help ensure that risks to your retirement capital are minimized as you approach the end of your career.

  • If you hope to have your business continued by one or more family members, you will likely need to coordinate your business plan with your estate plan. You will also want to explore any tax deferral opportunities that could benefit you and other family members.

  • An unforeseen event - such as the death or disability of you or a business partner - could lead to business chaos without proper planning and financial protection. Advance planning can help ensure that you, your family, and your business are all properly protected, through good times and bad.


Business succession planning cannot be properly executed in isolation of the other components of your wealth. It is part of a larger planning process that we call Wealth Planning. It examines all aspects of your financial situation and is designed to help ensure that:


  • You have enough income in retirement to support your desired lifestyle

  • You are currently maximizing the tax planning opportunities available to you

  • You have a saving plan in place to cover anticipated future expenses

  • The financial needs for you, your family, and your estate are met in the event of disability or premature death.

  • You have an estate plan in place that helps ensure that your estate assets flow to  your intended beneficiaries tax effectively.

Business succession planning is woven into the larger issue of ongoing financial security for you and your family. It makes sense to examine these other larger issues of financial planning at the same time. Your planning focus shifts as your business moves through the stages of the business cycle.

We tap into the expertise of Assante Private Client (APC) as they specialize in providing tax and legal advice for business owners. As a group, APC provides services to business owners in every province of Canada. They have a depth and breadth of experience that is invaluable as you plan your business transition, succession, and tax plan. 

Contact us to initiate a conversation on business tax and succession planning

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