Since the beginning of COVID, a few business owners have asked me what measures they should take to divorce-proof their business. I think the more appropriate question is how to divorce-ready your business. Similar to the assets of a marriage, a company’s assets are considered mutually owned within a marriage. The complexity of a business can be far more challenging … Read More
How 6 Factors Will Help Your Business Survive and Thrive Through Succession Planning
For many entrepreneurs and business owners, their business represents their single largest asset. Depending upon the size of the business, it likely dwarfs the value of their home or other assets. Like selling your home, to attain the most significant selling price, you will have to invest some upfront time, money and energy into fetching the best asking price possible. … Read More
How Do You Know if You are CRA’s Favourite Target?
No one wants to be in CRA’s cross-hairs. You may be an unsuspecting victim even if you’ve done nothing wrong. We’re not talking about people who are guilty of tax evasion or tax avoidance. Your only criteria may be your marital status. If you are single, divorced or widowed, then you may be CRA’s favourite and unsuspecting victim. If you … 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
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
Does It Make Sense to Incorporate or be a Sole Proprietorship Today?
Some weeks appear to have a recurring theme. For example, I’ve been approached by several owners of sole proprietorship businesses for the last couple of weeks, wondering if it is time to incorporate their business. So what are the advantages and limitations of running a business as a sole proprietorship versus incorporating your business? So should you incorporate … Read More