How to Prepare for a Smooth Family Business Succession

How to Prepare for a Smooth Family Business Succession 

A majority of businesses in Canada are family businesses—privately owned companies where one or more family members of the owner (usually children) work in the business. In many cases, the question of succession planning and whether the children will eventually take over ownership of the business often arises.

Passing on a family business to the next generation is a major life event of which many owners dream. Realistically, this does not magically happen and requires carefully mapping out a family business succession plan. This article looks at the challenges of family business succession and highlights preparations to make for a smooth transition.

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The Future Cash Flow Strategy You Probably Didn’t Know Existed

By now, you likely know and understand the various strategies available to you to generate income (if you missed our exclusive Seven Streams of Income series, be sure to click HERE to catch up!). Between rental, earned, profit, royalty, dividend, capital gains, and interest income, there are a plethora of passive income  (i.e. requiring minimal effort on your part) strategies (that you can engage in to ensure you are always getting the most out of your capital (reference our previous guide to learn how Bloom can help you directly in achieving some of the seven streams of income, and how we can work with your advisors to help you attain the other four). 

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What is Royalty Income and Why You Should Learn More About It

You’ve likely at least heard of some of the income streams Bloom Investment Counsel has been discussing in our Seven Streams of Income series, and maybe you’ve even implemented some of these income streams in your life. In this informational guide, we are taking a deep dive into an income type you may not have heard of yet, and how you can be well on your way to capitalizing on it! Do you have a great idea that you’re sitting on? Something completely new and unique? If so, royalty income may be for you!

If you prefer to read this guide in PDF format, please click HERE.

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How to Reap the Benefits of Business Profits

Do you have a great idea for a product or service? If so, you’ve landed in the right spot! 

In this guide, we’ll be discussing everything relating to business income—profit, that is. Not only will we be covering the basics, we’ll also be sharing some top tips to ensure your new endeavour is nothing short of successful.

If you prefer to read this guide in PDF format, please click HERE.

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