Who Will Take Over the Business?: Succession Planning for the Canadian Business Family

Praise for Who Will Take Over the Business?
"With dead–on observations and vital advice, Who Will Take Over the Business? is the key to a successful transition to the next generation. Any entrepreneur considering retirement should take its lessons to heart. Having gone through the process myself, I can attest to the wisdom of the authors′ work."
—Joseph L. Rotman, Chair, Roy–L Capital Corporation
"I like business reports that fit on one page, but each page of this book made me want to read the next. Who Will Take Over the Business? shows how important it is for business families to get advice from professional advisors. I have recommended this book to every member of my family."
—Jack May, Co–Founder, Maple Lodge Farms
"For over 150 years, as a family business we have learned many of the valuable lessons contained in this informative book, sometimes the hard way. I recommend Who Will Take Over the Business? to anyone looking for insight as they face the many challenges that can present themselves when family businesses are in transition."
—Hartley Richardson, President and CEO, Richardson Financial Group

Spis treści:
Preface xv
PART I: VICTOR BANKS′ DILEMMA
Chapter 1: Victor′s Situation 3
Chapter 2: Discussion Time 11
PART II: SOLVING VICTOR′S DILEMMA: TAKING CARE OF THE BUSINESS
Chapter 3: Laying the Groundwork 19
Atlas Plastics: Hold or Sell? 19
Where Are We, and Where Do We Go from Here? 22
What′s the Financial Picture? 25
Who′ll Run Atlas if the Family Keeps It? 27
Chapter 4: How Do I Sell a Company? 35
Preliminaries 35
Getting Down to Business 39
Th e Process 41
Private Equity or Strategic Buyer? 46
Chapter 5: Talking Taxes—Making a Good Deal Better 53
Understanding the Tax Implications 53
Th e Estate Freeze and the Trust 54
What Are Victor′s Tax Options? 56
Just What Is Wrong with the
Old Trust? 62
Chapter 6: Let’s Make It Legal—Getting the Deal Done 69
Private Equity Partner: Pros and Cons 73
Tying Up Loose Ends 75
PART III: RESOLVING VICTOR’S DILEMMA: TAKING CARE OF OTHER BUSINESS
Chapter 7: My Family Is My Business; My Business Is My Family 83
Defi ning the Business 83
Discovery Meetings 88
Deciding to Move Ahead Together 91
Chapter 8: I Invested My Life in My Business—How Do I Invest the Proceeds? 99
Defi ning the Goals 99
Deciding What Matters 101
Where Do We Go from Here? 104
Combine and Conquer 107
Chapter 9: What Should My Estate Plan Look Like? 111
Taking Care of Rose 112
What To Do about Robert 115
Planning for Victor and Anne 118
Chapter 10: Ensuring the Outcome—Innovative Insurance Solutions 125
Getting Down to Business 127
Epilogue 135
Appendix A: People in Victor Banks′ Story 139
Appendix B: Financial Data: Atlas and Personal Assets 143
Appendix C: Th e Banks’ Family Empire Before and After the Private Equity Deal 145
Appendix D: Asset Allocation of the Investment Portfolio 149
Appendix E: Th e Insurance Solution 151
About the Authors 153
Index 159

Nota biograficzna:
Susan Latremoille and Peter Creaghan, experienced financial advisors who custom–design an investment portfolio for the family that provides lifetime income, tax sheltered, for Victor and Anne, and guaranteed liquidity for their estates
Steve Landau and Pearl Schusheim, who are the architects of a tax plan that provides a substantial tax reduction on their transaction and diffuses an overlooked estate planning problem
Tony Ianni, an investment banker who provides the Banks family with a variety of liquidity options to consider, and who ultimately leads the family through the private equity transaction
Ron Prehogan, a specialist in resolving family business conflict, and Arnie Cader, who acts as an independent director to the family and the business
Linda Betts, who helps the family identify and strategize regarding the softer issues, and manage the family dynamics
Sheila Crummey, who crafts an estate plan for the family, and her partner Frank Archibald, a corporate lawyer who provides practical advice to the family on the sale of the business.

Okładka tylna:
Praise for Who Will Take Over the Business?
"With dead–on observations and vital advice, Who Will Take Over the Business? is the key to a successful transition to the next generation. Any entrepreneur considering retirement should take its lessons to heart. Having gone through the process myself, I can attest to the wisdom of the authors′ work."
—Joseph L. Rotman, Chair, Roy–L Capital Corporation
"I like business reports that fit on one page, but each page of this book made me want to read the next. Who Will Take Over the Business? shows how important it is for business families to get advice from professional advisors. I have recommended this book to every member of my family."
—Jack May, Co–Founder, Maple Lodge Farms
"For over 150 years, as a family business we have learned many of the valuable lessons contained in this informative book, sometimes the hard way. I recommend Who Will Take Over the Business? to anyone looking for insight as they face the many challenges that can present themselves when family businesses are in transition."
—Hartley Richardson, President and CEO, Richardson Financial Group