GRIT Ed. 9 | Family Matters - Flipbook - Page 22
GRIT Ed. 9 “Family Matters”
REVIEW ALL YOUR
A CORPORATE STRUCTURE
When you started your business, you may have put in
• Have you considered freeze techniques to shift assets
place certain documents. As you’ve been busy growing
the business, it may be that several years have gone by
without a review of your legal and operational documents.
Partners who co-founded the company enter business
together with the best intentions but may find that as the
years pass they have differing views of how the business
should evolve and who should take the reins to lead the
company into the future.
• Do you have a shareholders’ agreement that
outlines each owner’s responsibilities, obligations and
TAX EFFICIENT NOW
& IN THE FUTURE
and future appreciation out of the founder’s estate?
• Have you determined your estate liquidity and how
shares will be transferred to your heirs?
• Are you taking advantage of tax saving opportunities
in Canada and globally?
connected. That means parallel planning for both the
business and the family is critical. At EY, we’ve identified
four success factors that need to be considered:
• Values: purpose, governance
• Does the distribution of your business assets as
described in your will algin with the shareholders’
• Family: legacy succession and stewardship
agreement and domestic agreement?
• The operating business: growth, innovation, talent
• Do you have a valid power of attorney that identifies
who will manage your business should you become
incapable? Is that person qualified to do so?
READY YOUR BUSINESS FOR
• The assets the family owns: tax management, wealth,
family office strategy
Through this process, we help families identify pain
points and other potential roadblocks they face.
To learn more about EY’s Family Enterprise services, contact
our Canadian Family Enterprise Leader, Tina Di Vito.
Your business may be your most valuable asset. As it
grows and evolves, so should its polices, plans and structure.
• Are your accounting records up to date and easily
• Are there processes in place to allow the business to
operate without you?
• Do you have job descriptions and salary ranges for
• Have you identified the next generation of leaders?
Are they aware and are they being trained and
• Is the business running as efficiently as possible?
Tina Di Vito
Partner, Canadian Family Enterprise Leader, EY Private