Step 1  Define Your Objectives
First of all you should determine, with your transfer manager’s assistance, the objectives that will guide you through the process of transferring your company.
Why define your objectives?
Doing so lays the foundation for your planning effort. This will facilitate the rest of the business transfer. Approach it objectively, candidly and realistically. The time you invest here will be amply rewarded in the future.
What you should do during this step
You should answer several important questions that will have a decisive impact on your future and that of your company. Here are a few examples.
- Do you want to withdraw entirely from managing the company?
- What would you like your income to be over the next 10, 20 or 30 years?
- Who would you like to take over your company?
- Is your company’s long-term survival important to you?
What resources are required?
At this stage, an informed outside opinion can help you think more clearly about your financial future. This is why the advice of a National Bank commercial banking financial planner is well worth obtaining. Your transfer manager can organize an initial meeting and even attend it with you.
Next step...
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