There are many discussions these days about how much businesses are actually worth. You hear about companies being sold for tens or hundreds of millions of dollars, and it can be tempting to think your business is worth just as much. But many people don’t realize that the sale price isn’t nearly as important as how much you keep for … Read More
Six Unique and Creative Financial Incentives to Attract and Retain Great Talent
I’ve had several conversations with clients lately about how difficult it is to recruit and retain top talent. They tell me they’re paying more than twenty percent over what they were paying two years ago for the same position. The work demand has been there, so it has been the cost of doing business. The more significant issue is when … Read More
10 Ways to Build Wealth in Your Business To Fund Your Exit Strategy
Tips For Business Wealth Management Business owners work hard at perfecting their business to make a living, earn a profit and ultimately sell or transition the business to another group of owners or family members. At the end of the year, our income statements and balance sheets generally indicate whether we were successful. You work incredibly hard to streamline operations, … Read More
The Top 6 Things I Would’ve Done Differently with My First Business
Experience gives us knowledge. Unfortunately, this knowledge can come at a very hefty price. In the case of my Partners and me, it resulted in the bankruptcy of our office furniture business. We did a lot of things right and enjoyed great successes for most of the time I was an owner. We were never afraid of change. In fact, … Read More
How My Last Business Wasn’t a Failure, but Instead a Really Expensive Life Lesson
I want to think my perspective on this subject is unique. In fact, it’s the basis for my current business. I believe that not unlike many business owners, funding my retirement was largely predicated around the success of my former business and how I would transition that business into my golden nest egg. Well, the fact that it was … Read More
How the Individual Pension Plan Helps Business Owners Retire Wealthier?
In life and business, failure teaches us some incredible lessons. Many of the ideas that I talk to business owners about today come from the mistakes that I made in my first business. In one breath, I wish that I could have started my current business 20 years ago, however, if I had not experienced the challenges and hardships experienced … Read More
Business Owner Alert: Seeking Something Amazing if You’ve Maxed Out Your RRSPs?
The challenge for many business owners, they either haven’t contributed enough to one’s RRSP, or they’ve maxed out your RRSP contributions for the year. The challenge is RRSP contribution room is derived from one’s T4 income from previous years. If you choose to take money from your business in the form of a dividend, this doesn’t count towards RRSP eligible … Read More
3 Unique Ways That Business Owners Can Fund Their Retirement?
In light of all the changes proposed by the Federal Liberal Government in July 2017, the sensitivity around the excessive taxing of small business owners has raised some eyebrows. The proposed changes took into consideration heavily taxing any passive income that exists within a business, scrutinizing how business owners sprinkle income to family members and some other controversial measures. Even … Read More
Does your Business Qualify for the Small Business Capital Gains Exemption?
Selling Your Business Doesn’t Mean You Qualify for the Small Business Capital Gains Exemption As a business owner, you may be aware that when you dispose of shares in your business, you could receive an exemption on all or a portion of the capital gains that ordinarily would be taxable. This is due to the Lifetime Capital Gains Exemption which … Read More