b'ACCOUNTING COLUMNWEIGH YOUR OPTIONS Establishing a price without basis Succession options for most businesses include family succession,Not having a Plan Bmanagement buyout and sale to a third party. For those considering family succession, the recently announced Bill C-208 Not involving advisors in the processnow allows qualifying business owners to transfer ownership to family members and claim capital gains exemptiona majorSTEPS TO A SUCCESSFUL FUTUREtax-saving consideration previously unavailable to them. Contactyour tax advisor for more information soon, as there could be aHave clear objectiveslimited window in which you can apply. Optimize your tax and estate plan Management buyouts and employee share option plans have Consider your optionsbecome increasingly popular as they can create long-term business value and an exit strategy for the founder. Even selling to a thirdAlign your business plan to your retirement goalparty benefits from proactive planning to attract the highest bidder. Update your governance structureIdentify and motivate key employeesPITFALLS TO AVOID Prepare for the unexpectedWhen starting your succession journey, it is important to have clear communication with all stakeholders and a clear understanding ofSpend the time to plan and clarify your needsincluding your the process. Try to avoid: family, if appropriateand the needs of the business to develop aAssuming people are interestedor not tax and succession structure and implementation plan. Eliminating management as a successorbecause they cant afford it For a more in-depth discussion of your plans, please contact:Brian Laveck, CPA, CA Picking the wrong successorsAssuming fair is the same as equal Partner and Regional Leader, Real Estateand Construction Services, MNP Starting too late and losing key people or tax advantages brian.laveck@mnp.ca Whats your blueprint for a successful succession?Its never too early to start building your future.Brian LaveckRegional Leader, Real Estate and Construction Services250.979.1731|brian.laveck@mnp.ca MNP.caSICA CONSTRUCTION REVIEWSpring 202237'