By any statistical measure, they’re the engine of Canada’s economy. Still, business owners get left out of the advice process.
Often, it’s because they’re too busy to seek advice or come in for regular meetings. That puts the onus on you to reach out and persuade them to make time.
If you need some inducements, point out careful planning allows them to shelter significant amounts of earnings within the corporation, and that income splitting rules let them shift even more assets to other family members.
And ensure you discuss succession planning. Most surveys indicate half or fewer of Canadian business owners have a workable succession plan, and that many simply presume a daughter or son will take over even if that child has never expressed interest in running the company.
Sorting succession is critical, especially if it leads the client to conclude a sale is the best option, because that path leads to a whole new crop of wealth management issues you’ll have to work closely with the client to resolve.
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