The Professional Advisor s Critical Role in Business Succession Planning

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1 BUSINESS SUCCESSION PLANNING The Professional Advisor s Critical Role in Business Succession Planning Richard Walter The Wealth Strategy Group Introduction An increasing number of Canadians are now planning for or have already entered their retirement years. This trend is similarly impacting business owners, with the business itself often representing their most significant investment and source of retirement income. Ensuring the successful transition of the business to new owners is critical to obtaining full value for this investment, and providing a comfortable retirement for the business owner. Unfortunately, however, the business owner often neglects this important planning in order to deal with short-term business and personal needs. There is a growing segment of professional advisors who have seen an opportunity to work with business owners in their succession or exit planning. They have acquired the necessary skills to both motivate owners to start the planning process, as well as implement the appropriate solutions. This article will review the important role these advisors play in assisting their business clients, as well as highlight some of the main considerations in this process. The Growing Need for Planning A recent survey of business owners paints a stark picture of neglect in their personal and business planning. 1 The survey indicates that only one-third of business owners have a succession plan and the majority of these plans are informal and unwritten. Over 50% do not have a plan at all, leaving a small percentage of owners that have actually undertaken any type of formal planning. This lack of formal planning will have a growing impact on the business enterprise as demonstrated by the following: 41% of SMEs (Small to Medium Size Enterprise) want to exit their business within the next 5 years, and fully twothirds within 10 years. SMEs with succession plans are not adequately addressing soft family/ interpersonal issues, and are providing little time for the training of successors. Recent successors cite significant benefits from the succession plan of previous owners. SME owners also experience significant benefits from succession planning well in advance of their succession. As noted by the survey sponsor, succession planning is a long-term process; it is not a one-time event. 2 The size and importance of small businesses to the Canadian economy should not be underestimated. The SME sector contributes roughly 45% of Canada s economic output and employs 60% of Canadians. Understandably, it is critically important to the economy and our communities that these businesses succeed in this transition to new owners. With many business owners wanting to retire over the next 5 to 10 years, there will be a significant need to be positioned properly to attract a suitable buyer and appropriate financing. Lack of planning for this event will leave significant dollars on the table, with resulting long-term earn-outs or vendor financing limiting the owner s options for exit. The opportunity to guide and advise business clients in this arena has become paramount as transition planning will represent an important issue for a growing number of entrepreneurs. Banks have already identified this as an important business issue and have found they need to be closely connected to this process or they risk losing their longterm clients. 1 CFIB Report, SME Succession: Update October Ibid. 895

2 Goals of Business Succession Planning A well-designed and implemented succession plan enables the business owner to: 1. Maximize company value in both good and bad economic conditions, and at the same time control the overall process. 2. Ultimately minimize or defer capital gains taxes and estate fees while helping owners maximize the value of their legacy. 3. Ensure an orderly and less stressful transition that will meet the goals of the owner and his or her family, as well as put the new business owners on a pathway to success. The statistic that almost 85% of businesses fail in this transition process is alarming. 3 Generally, these business failures are due to lack of planning, rather than adverse business conditions. However, in spite of the importance of succession or exit planning, entrepreneurs focus on the business of the business instead of the business of the family. This is why it is so important that advisors impress on their clients the need to make a commitment to the planning process. A properly designed and implemented succession plan is an essential element of building a business that will ultimately achieve the owner s long-term goals. Target Client for Succession Planning How do you determine an appropriate target client or prospect for business succession planning? Here are some criteria and guidelines: 1. First, the best opportunities tend to involve privately held businesses (or closely held public companies) with revenues of at least $5 million. At this size, the owners recognize there is significant corporate value that creates a need for the principals to take careful consideration of an exit strategy. For smaller businesses, the owners may have less to lose and could be comfortable with winding the company down as the final solution. 3 Excerpt from the book For Love, Not Money John Askin. 2. Motivation is the next requirement. The owner will likely be 50 plus and has managed the business for at least 15 years. Many times health issues, business partners and family factors can accelerate this process. 3. The owners may have had a recent offer to purchase the business, or are concerned about current or future economic conditions that could adversely affect the value of their company. 4. Finally, the owners recognize the need for a contingency plan that facilitates the succession and legacy issues amongst the various family and/or extended family members in the event of an unplanned situation such as death or marriage dissolution. Impediments to Succession Planning and How to Overcome In many businesses, there are at least three separate interest groups that need to ultimately buy into the planning process and possible transition plan. The first and most important interest group is of course the business owner or owners. As already noted, they are typically so busy running the business that they may fail to recognize the need for future planning. You will have their attention for short periods of time and need to use examples of actual client situations to demonstrate the benefits of planning (as well as potential pitfalls of waiting to plan). The next important interest group is the owner s spouse or partner and other family members who may be involved with or benefit from the business. Within this group there could be widely divergent views on the future direction of the business, as some family members may be actively involved and want to take over the business, with others wanting to realize a more immediate return. The advisor needs to appreciate who are the key influencers with the business owner and involve the family members as appropriate so they understand and hopefully support the proposed succession plan. Another important group are the client s other business advisors, which could include the accountant, lawyer and investment advisor. They may feel threatened by the process 896

3 and advise the client to not proceed for the following reasons: they feel they may lose control of the client relationship through the introduction of a third party to the planning process; the other advisors may feel such planning is premature or will deflect attention from more important or urgent business priorities; it may be an ego issue as they feel they can provide the necessary business planning support to the client; or it could be framed as a financial issue as they may not feel it is warranted to enlist the support of another professional, even though that person has specialized expertise in the various aspects of succession planning. As these advisors usually have the client s trust and detailed knowledge of the client s financial affairs, it is important that they be brought onside to the planning process. Taking the time to demonstrate competencies, acknowledging their key role in the process and developing a rapport with those advisors will hopefully allay their concerns and enlist them onto the planning team. Building the Right Team Working with a team of dedicated succession planning specialists can help steer the client through a myriad of issues and create the best solutions for that business owner. The team can: 1. Assist in motivating the business owners to take action and help them plan for their ultimate exit. 2. Help the owners clarify what life will look like once they leave the business, and how the various family, management, and owners values relate to the process. 3. Build the plan and support its implementation to ensure it meets the current needs of the owners and actually enhances the value of the company. 4. Work with the current owners to assist in the various elements of post-departure to ensure that the family s plan continues to meet their changing needs or situation. For instance, external factors such as changes in tax laws or market conditions could negatively impact the plan and require fine-tuning. 5. Work with the new owners (family members, former employees and others) to ensure the business not only survives but thrives. The key attributes of the planning team are as follows: competent knowledge of the soft/hard issues of running a successful business; superior knowledge of tax and estate issues; broad knowledge of merger and acquisition elements; understanding of succession issues within a family enterprise; and access to qualified professionals in business valuation, financing, accounting; tax, risk management and legal issues. The Role of Insurance It is important to position life insurance in the context of the overall client objectives and goals of the succession plan. Once these goals and objectives are understood, there are a number of insurance strategies that can be utilized. These include: funding a shareholder s agreement that is triggered by death, retirement or dispute; creating a contingency fund that can be used to retain key managers/employees in the event of the premature death of the principal; using disability or critical illness insurance to support the owner and business in the event of a critical or debilitating illness or injury; reducing the impact of tax in advance of death or a liquidating event; and providing a tax-effective method of accumulating surplus capital for the ultimate benefit of the business owner during retirement. It is therefore very important that one of the members of the client s advisory team have a detailed understanding of insurance and its uses within a succession planning context. 897

4 Conclusions We are about to experience the largest wealth transfer in Canadian history. Much of this wealth will be represented by interests in a business. How successfully this unfolds is totally dependant on the client being motivated to take action and getting the appropriate planning advice. In turn, advisors wishing to work in this area will need to develop the necessary skills and experience. The work of these advisors will not only impact the lives of the business owner and their families, but also the lives of employees, suppliers and customers of the affected business. 898

5 Insurance Planning is published quarterly by Federated Press and is part of the Personal Tax Planning Series. Readers are invited to submit articles for possible publication. They should provide an original and informative analysis of a pertinent topic. Articles are subject to review by the editorial board, and signed articles express solely the opinions of their authors and not necessarily those of the publisher. The contents of this publication should not be construed as professional advice. Readers should consult their own experts before acting. Notices of change of address and written enquiries should be sent to: Federated Press, Circulation Department, P.O. Box 4005, Station A, Toronto, Ontario M5W 2Z8. Return postage guaranteed. Telephone enquiries: Toronto: (416) , Fax (416) Montreal (514) , Fax (514) Dépôt légal Bibliothèque nationale du Québec, Statement of Copyright Policy and Conditions for Permission to Reproduce Articles Reproduction of any part of this journal is strictly prohibited by law unless written permission is obtained in advance from the publisher. Copyright infringement, including unauthorized reproduction, distribution, or exhibition, is a criminal offence. Alternatives to illegal copying are available. Call our circulation department ( ) for information. Copyright Federated Press ISSN Printed in Canada 900

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