Succession planning for family businesses

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A strategic succession plan for your family business is crucial to the smooth transfer of assets and the continuation of family legacy. It can also heavily impact the future of retiring and incoming business owners. This is especially significant now, as Canada’s population ages.

^{Sourced from CFIB}

The Chartered Professional Accountants of Canada said that $1 trillion of wealth is expected to move from Canadian baby boomers to their children between 2023 to 2026. However, only one in 10 business owners have a formal business succession plan in place.

A well-crafted family business succession strategy ensures a seamless shift of leadership between generations, preserving the company’s legacy while minimizing operational disruptions. And while estate planning is an important part of this strategy—it also involves clarifying roles and expectations early on, reducing potential conflicts, and positioning the business for sustained growth and long-term stability.

^{Sourced from CFIB}

In this series, each piece of content tackles a specific aspect of succession planning to help families navigate this nuanced and complex process. Learn about managing family and business relationships, tax considerations, and more from our content below.

Take the first steps to securing the future of your family and business. We can help you get started on your succession plan. Sign up to receive new content related succession planning in your inbox. You can also contact your local advisor or reach out to us here.

Tax services Succession planning: Tax considerations for family business

This article illustrates how a family uses the intergenerational business transfer rules to tax-efficiently pass their business down to the next generation.

9 min read | 24 Mar 2025

Advisory A legacy in limbo: Building bridges to family harmony

A family is about to embark on an intergenerational business transition. We discuss how an FEA can help through this complex time and protect their legacy.

27 Sep 2024

Reevaluate your next steps How do I develop an exit strategy for my business?

We introduce questions that can help you determine if now is the right time to exit, the advantages and disadvantages of various exit options, and associated tax implications.

5 min read | 06 Oct 2023

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Finding harmony: Navigating the challenges of succession planning

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18 May On-demand

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Succession planning: Transferring your family business to the next generation

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Succession planning: Futureproof your family business

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Finding harmony: Navigating the challenges of succession planning

Succession planning: Transferring your family business to the next generation

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