business owners

10 key decisions for business owners

Key decision 7 - Do you intend to retire from your business?

Whether you intend to sell the business to a third party, transfer it to family members, structure a management buy-out or wind it up, advance planning can help you make better long-term decisions.

Will your business provide enough to fund your retirement?

10 key decisions for business owners

Key decision 6 - What can you do to deal with the unexpected?

Would your business be prepared if a catastrophic event occurred? Do you have a plan to cover the potential loss of a key person through choice or due to serious illness, disability, or death, or to mitigate the consequences of a divorce, which can have a substantial impact on a family business?

10 key decisions for business owners

Key decision 5 - How will you reduce your risk?

As a business owner, you’ve worked hard to accumulate your assets, so it is important to take precautions to protect them from risk. Following are some strategies that may help.

Protect personal assets

10 key decisions for business owners

Key decision 4 - Attracting and retaining top talent in your business

The loss of a key employee can be very expensive to an organization, so give some thought to how you can motivate key employees and keep them focused on the company’s priorities.

Employer-sponsored savings plans

10 key decisions for business owners

Key decision 3 – What should you do with surplus cash?

If you are the owner-manager of a private Canadian corporation and have surplus cash accumulating in your company, you may be wondering whether to retain the funds in the company or withdraw them while paying as little tax as possible. If so, there are a number of questions you should consider before you take action.

10 key decisions for business owners

Key decision 2 – How can you reduce taxes?

10 key decisions for business owners

Key decision 1 – What is the best structure for your business?

Whether you already own your business, are thinking of starting a business from scratch or buying an existing business, choosing the right business structure can have a major impact on the future success of your enterprise – as well as your personal tax and estate planning.