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Business Succession

What is succession planning?

Succession Planning involves making decisions about the future management and ownership of your business in order for you to achieve your business, personal and family goals.

What are the benefits of succession planning?

As a busy entrepreneur you are stretched for time just running your business, but it is worth the investment in time to plan for the future for the following reasons:

  • significantly improves the odds your business will thrive and survive after you leave
  • can increase the value and attractiveness to potential purchasers
  • helps ensure you have the funds you need to retire
  • protects family wealth over generations and preserves family harmony

How do I get started?

Though important, succession planning can feel overwhelming. The following are a few key questions and tools to help get you started:

  1. How prepared are you to transition your business?
    Succession Planning Questionnaire (PDF, 164 KB)
  2. What business succession goals have you set to accommodate your business, personal and family needs?
    Discovery Matrix (PDF, 154 KB)
  3. What is the estimated value of your business and what are the potential exit options?
    Exit Options (PDF, 182 KB)
  4. How will this impact your personal finances and preserve your family’s wealth and harmony?
    Retirement Planning Calculator
    Estate Planning Tips (PDF, 145 KB)
  5. With a comprehensive Succession Plan in place, what are your next steps? Engage your current advisors and contact us.

How do we work with you?

Because your business and personal needs are intertwined we integrate your Succession Plan with your overall wealth management strategy. A team of BMO Harris Private Banking professionals can provide expertise in:

  • Succession & Tax Planning
  • Financial Planning & Investment Management
  • Estate Planning & Philanthropic services