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Business Succession Planning

The 4 Cs of Conflict-Free Family Businesses

Focusing on growth is harder when your co-owners are your relatives

by Fred Pidsadny for ProfitGuide.com

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Family Business Succession, Estate Equalization and Wills Variation Act

 

When dealing with the estate planning of a family business it is particularly important to consider the issue of estate equalization.  One of the common objectives in a family business succession plan is to treat the children fairly and/or equally.  This can be problematic in that many family business owners see up to 80% or more of their wealth tied up in the family business.  The question arises, how to deal with the children who are not involved in the business when those children that are will receive the family company shares as their inheritance?  Aside from the issue of maintaining family harmony another risk of not dealing with this issue in an effective manner is the risk of court action under provincial legislation such as the Wills Variation Act.

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