Last updated: September 08 2015

Advising Family Businesses Update Reflects New SME

Many small businesses in Canada are led by individuals who are in or near retirement age. The majority of these companies require assistance with succession-related issues, often due to a lack of planning within the business. Qualified advisors have a significant opportunity to assist in this regard, building clients for the long term.

The sad reality is that most family businesses do not survive past the first or second generation. This represents an unfortunate loss, not only for the family that relies on this income for financial stability, but also for Canada’s economy overall. Family businesses have unique opportunities and challenges, and require advisory assistance with this in mind.

Knowledge Bureau faculty member Jenifer Bartman, CA, CMC, has updated the Advising Family Businesses course, which is part of the Succession & Estate Planning Master Financial Advisor (MFA) designation.

“A distinguished advisor must take a leadership role in quarterbacking the process of helping family businesses to plan for both today and tomorrow, thereby protecting what is often their most valuable asset,” says Jenifer, who will also discuss the topic this October at the Distinguished Advisor Workshops. “You can help your clients beat the succession odds by better understanding the planning process today and helping them make better decisions jointly with all the stakeholders involved – other professional advisors and every member of the home and work families that have an interest in the business.”

New content introduced in the Advising Family Businesses course includes:

  • Practical succession planning strategies, including:
    • The Market Driven Business concept
    • Separating the lifecycle of the business from that of the founder
    • Succession Mapping
  • Using the Tax Efficient Retirement Income Calculator to help clients approach succession planning with confidence

Certified skillsets you will gain by taking this online course:

  • How to work in alignment with your family business clients, increasing the likelihood that solutions will be implemented
  • How to work with clients to identify and separate family, business, and ownership issues
  • How to help your client set clear, shared goals for the family, the business, and the shareholders so that all aspects of the family and the company can function smoothly
  • How to implement Real Wealth Management into the planning process for family business clients
  • How to help clients to identify an ideal planning timeline
  • How to conduct the succession mapping process
  • How to recognize roadblocks to implementation before they occur
  • How to develop and quarterback an advisor team
  • How to maximize your value to the client, while identifying potential advisory opportunities
  • Understanding the advisory needs of family businesses, in terms of their unique opportunities and challenges

Additional Knowledge Bureau resources used in the course include EverGreen Explanatory Notes and Knowledge Bureau Calculators (Tax Efficient Retirement Income Calculator, Marginal Tax Rate Calculator, Income Tax Estimator, Registered vs. Non-Registered Savings Calculator).

To register online click here or call for personal assistance 1-866-953-4769.