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p10 weekender april 2t997 st i business tax laws and family relationships often stop succession of business familyowned businesses employ 45 million canadians and account for more than 45 per cent of canadas gross domestic product according to estimates from the canadian association of family enterprise yet only about 30 per cent of family businesses no matter how sue- attention serious investors michael comeau vice president and senior investment advisor of td evergreen investment services is available for consultation at the stouffville td bank branch td evergreen is a full service investment dealer and offers broad range of investment products and services including domestic and foreign bonds canadian and us equities over 400 mutual funds rrsps rrifs and resps free portfolio analysis investment advice and development of personalized investment strategies to book your appointment with michael comeau at the stouffville branch please call jim hassard branch manager at 905 6404000 or dave morrison branch manager at 905 6401372 or call td evergreen at 416 5122511 or 18003824964 td evergreen a pumtett tttd xmtritir lr td evergreen investments services is a division of td securities inc which is a subsidiary of the toronto dominion bank member opf high cessful continue into th se c o n generatio and scant 1 per ce make it t the third why is there such level of attrition the two maior roadblocks lie in the minefield of tax law and in the often complicated dynamics of family relation ships succession planning is critical for the owners and their families if these obsta cles are to be conquered the key to accomplishing a successful transfer depends very much on the recruitment of skilled outside advisors in particular lawyers accoun tants bankers and estate planners this will become even more important with the general aging of the canadian popu lation think ahead longterm planning is the up a large part of canadas economy yet most dont succeed into the 2nd generation the owner must make firm decisions about his or her future role in the company the owner must decide whether to retire completely continue on a parttime basis or maintain active control for as long as possible if the decision is to retire a timetable has to be drawn up and a strategy developed for passing on managerial con trol some owners feel strongly that the business should remain in family hands oth ers are happy to extract the best possible price from the sale of the business and then distribute some or all of the proceeds to their beneficia ries the younger genera tions capabilities often usual hallmark of successfully there are some fami mem passing a family business to b h interested the next generation a r u there are two key areas jg car on the business that need to be considered j others sometimes these the owners goals for fami members are already any succession plan to work involved in the business and are capable of managing it if not considera tion must be given to how long it will take the intended suc cessor or succes sors to gain the necessary experi ence and confidence to take over the helm assuming there are inter ested and experienced rela tives waiting in line the issue then turns to just how the business can be transferred special attention to tax the options in creating an estate plan are many and var ied developing an appropri ate plan requires detailed input from those with exper tise in tax law property law corporate law family law wills and trusts valuations and insurance tax planning needs to be dealt with carefully the rules change frequently and ottawa has become more vigorous in trying to maxi mize taxation revenues thats why its important to consult a tax expert who will ensure that shares of the cor poration are dealt with in a taxeffective way upon the death of an owner im our advice thoseg sk ivv family i early and put a- employees l who can look at every aspect ness often discourages the of your business v remember to include q be- open to suggestions ipr business banker csome owners refuse to dis- anyone truly capa companys cet evaluatipnsvfrom q got insiders you itnarjiai manaefaenfis 0 siohsthere is no real deotfi iililii m 1 give them a ot owner ship in the- business v v dont insist ipn equality s m mariagemeiit oppprturiitiesi i ovvnership arid control to all children interest can harm the comi pahy t fairness pfmf mugs- 4m8ms fair compensation something can be done victims of personal injuries and their families need swift attention and professional assistance to obtain fair compensation for their losses earl consultation with experienced lawyers will achieve the right results for over 60 years thomson rogers has consistently maintained a leader ship position in the battle for fair compensation we can help you if you or someone you know has suffered a personal injury please seek legal counsel early make the call to our special personal injury group at 4 1 686832 1 4 your call is confidential and there is no obligation its only fair the case for thomson rogers barristers and solicitors suite 3100 390 bay street toronto ontario canada m5h iw2 fax 4 1 68683 1 34 tel 4 1 686832 1 4 gic alternatives luncheon seminar date thursday april 17 1997 time 1200 200 pm join us for refreshments and sandwiches from the village grocer location edward jones 4591 highway 7 unit 110 unionville ontario rsvp to kathy at 905 3058507 seating is limited so please dont delay speakers dave redwwod of atrimark larry stadnyk of edwardjones agenda gic alternative investing with trimark mutual funds member cipf serving individual investors bankruptcy why face it alone caumdtmtkikckiu ttusthmuioupfa personal business bankruptcies personal proposals n5ttmtm 30 ifertwm crt ntfwmu13 free initial consultation