According to recent statistics, nearly 70% of business owners do not have a succession plan in place.

Additionally, over $2 trillion in business assets could change hands over the next decade in Canada.

On episode #36 of the Tax Talk Podcast, Jared sits down with Stephen van Santen of Bridgeline Wealth Strategies to discuss the importance of having a succession plan in place.

Some of the topics discussed are as follows:
- when should succession planning be discussed
- what critical documents are needed to move the discussion along
- do you know the value of your farm/business
- what is the right legal structure for transferring the farm/business
- how will control of the farm/business change
- what are the income expectations of the retiring owners
- how will these retirement needs be met

#tax #estate #retirement #successionplanning #cpa #reddeer #alberta #canada #didsbury #trochu #farming #business #assets #investments

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** Please note that some tax legislation has been updated since the recording of this podcast. Please consult with Legacy Tax to ensure your succession plan is onside with these rule changes that came into effective Jan 1/24.

For additional info, see this link: https://www.legacytax.ca/resources/news/intergenerational-business-transfers