How do I maximize the benefits and minimize the impact of the transition?  How soon should I start to prepare my company? My family? Myself?  What needs to be in place for a successful transition?

I was the guest speaker on the OTUS Group’s Ask the Expert call on January 25, 2012.   The topic was “Transition Planning for Success” and it was focused on small-to-medium size companies and dealt with topics such as when is it best to start planning for transition, tips and suggestions for business owners, etc.  

To listen to the entire call, visit http://www.otusgroup.com/Resources/recording-5-keys-to-succession-success-march-2011.html

Here is what Cafe organizer Kim McWaters had to say: “Ron Prehogan of Equitas presented this informative and interactive presentation.  Feedback from this event has been fantastic, and those in attendance were lucky enough to receive a free copy of Ron’s book he co-wrote entitled “On the Shoulders of Atlas, a Story about transitioning a family-owned business”.”

For your complimentary copy of On the Shoulders of Atlas or to get a copy of the presentation please contact us as info@equitasconsultants.com or (613) 569-7001.

Purpose: to hear examples of some common family challenges in the family business and learn best practices on how to address them.  Topics include:

• Advice to a young entrepreneur who dreams of building a family business to last for generations
• How to foster the entrepreneurial ethos in the next generation
• Ensuring that your trusted advisors are right for you and your family

For more information and to RSVP, please visit the Cafe website http://cafecanada.ca/events.cfm?itemid=12125

Step 1 of the Equitas succession planning process consists of a discussion with the business owners and ideally their spouses as to their wants and needs going forward.  Step 2 brings in other key stakeholders of the business to discuss what the succession plan is or ought to be – i.e. sale, finance or keep it in the family.  If the plan is to keep it in the family, we help structure the process including business and family meetings.  If the plan is to sell or finance the business, we provide the necessary advice and work alongside our client’s other advisors to achieve the desired result. 

Once the client knows where it wants to go and has a plan to get there, the estate plan should be reviewed to ensure that it is properly aligned with the succession plan.  In that way, the client avoids the “tax tail wagging the dog” which is a big reason why some brilliantly-crafted estate plans go awry

 On March 9, 2010 Ken Andrews participated as an expert facilitator at Café Ottawa’s Family Business Event. 

 This was the topic of my presentation at the Cornwall Business Association on May 12, 2009 [Succession Planning: Doing it Right for Family and Business]. 

On November 22 2008 I gave a presentation entitled “Disposing of Your Family Business:  The Ultimae Decision” to the National Golf Course Owners Association (NGCOA).

I wrote an article that was published in the Ottawa Business Journal entitled “The Family Trust: One of the Great Misnomers of Our Times” that created quite a buzz.  The idea is that although the traditional family trust provides great tax and other benefits, one of its drawbacks is that it does not encourage the next generation to learn about the rights and responsibilities of share ownership which is a key ingredient of family business longevity.

On May 21, 2008 Ken and I presented [link to presentation] this topic at the Café National Symposium in Halifax.

 See how Communication is Needed to Make Family Succession a Success.