The first month of 2013 has been interesting, to say the least. There is a new grandchild in the Deboski family, which always is exciting. But unlike our other grandchildren, this new little guy comes to us by way of an international adoption from Africa. What a great way to usher in a new year!
But there has also been some interesting things happen at the other end of the age spectrum. Only a few weeks into the year and I find myself working with three unrelated business owners, all over 80 years old. They are still active in their businesses on a day to day basis and have the energy of men much younger than themselves. I find that remarkable!
You too may find that remarkable and see yourself doing the same. Or, you may be the opposite…looking forward to the day when you transition away from the day-to-day operations of your business.
Regardless of one’s view about their own succession, it is astounding how often we often meet with owners who for a variety of reasons have avoided any type of succession planning.
In a book written a few years ago titled Hats Off to You: Balancing Roles and Creating Success in Family Business the author, Ernest Doud lists 10 reasons why founders will not let go. Take a look at these to see if you see yourself in any of these.
Can you relate to one or more of these? Don’t let reasons like this keep you from getting yourself, your business and your successors prepared for your transition. Even if you plan on being in the business until you are 80 years old, there are still pieces of the puzzle you need to look after right now.
We can help.
Okay, this might be an over exaggeration that life insurance is the most important tool. But we occasionally come across situations where it is overlooked as a planning tool altogether and we don’t want you to inadvertently make that mistake. There are a number of reasons we feel strongly that life insurance should be thoughtfully […]
You are a sole proprietor or a single shareholder in your company. While from a physical standpoint you may consider your business to be small, when it comes to success your results may be exponentially greater. There are over 1,100,000 small businesses in Canada – clearly this sector is booming The benefit of being small […]
By John McKay, Executive Vice-President and Actuary, PPI Change is inevitable, and it can significantly impact your family and your financial well-being. Whether it’s the natural progression of starting a family, buying a home, looking to retire, or an unexpected illness or job loss, when change happens the value of the financial advice you’ve been […]
#2504, 10235 – 101 Street
Edmonton, AB T5J 3G1
1111 10th Street SW
Calgary, AB T2R 1E3