Building a successful business takes more than just hard work and determination—it requires dedication and a deep commitment to your vision. After investing years into nurturing your enterprise, deciding on the next steps for transferring ownership, whether it's to a family member or a third party, is a pivotal decision. At McKenzie, Hoover, McPhee, Russell Private Wealth Management we specialize in facilitating smooth and efficient business transitions. Our in-depth understanding of the local business environment and dedication to supporting entrepreneurs ensures that your business not only survives but thrives through transitions. 

Integrating personal and business succession needs

We recognize that your business represents a significant portion of your life and aspirations. It’s not merely a source of income; it's a substantial part of your legacy. That's why our business succession planning process is designed to harmonize your personal and professional ambitions. Our strategic approach ensures that all aspects of your life are considered—from securing your retirement to advancing your family’s legacy. We provide guidance through each phase of your business’s lifecycle, ensuring that every decision supports both your immediate and long-term goals. 

Tailored planning for business owners

Our team collaborates with entrepreneurs who have dedicated years or even entire lifetimes to building robust businesses. Recognizing the interconnected nature of your personal wealth and business assets, we offer comprehensive services to manage this intricate relationship effectively. Our expert business succession planning advisors will help you:

  • Identify and maximize key sources of business wealth.
  • Utilize tax strategies associated with incorporation to enhance financial outcomes.
  • Plan strategically for ongoing growth and access to accumulated wealth.

Business succession planning services

Deciding to sell your business or transition it to the next generation involves complex considerations. At McKenzie, Hoover, McPhee, Russell, we provide a full spectrum of succession planning services to ensure a seamless transfer. These include:

  • Managing critical tax issues related to buying and selling a business.
  • Maximizing benefits from the lifetime capital gains exemption.
  • Crafting and understanding shareholder agreements.
  • Integrating insurance solutions into succession plans.
  • Developing diversified investment portfolios that enhance your financial security both inside and outside of your business.