Advising Family Businesses
By: Douglas V. Nelson
PROGRAM: Succession and Estate Planning Specialist
Over the next 15 years, it is estimated that approximately 75% of the closely held businesses in Canada will change hands. They need the help of an informed professional to do so.
CONTENT DESCRIPTION AND KEY CONCEPTS:
It is widely accepted that 7 in 10 family businesses do not succeed to the next generation; despite the fact there are an unlimited amount of resources available today that can help families avoid these statistics. The "distinguished advisor" must take a leadership role in quarterbacking this process. Help your clients beat the odds for succession success by better understanding the planning process now!
CERTIFIED SKILLSETS:
- How to create an integrated, multi-generational client engagement document and engage this process with your client.
- How to create an integrated, multi-generational plan that includes the synergies between the retirement plan, estate plan, tax strategy, business transition plan and the investment strategy.
- How to help your client set clear, shared goals for the family, the business and the shareholders so all aspects of the family and the business function smoothly.
- How to layer retirement income for your business owner clients.
- How to set "distinguished advisor benchmarks" for the planning work completed with the client.
- How to recognize the roadblocks to implementation before they occur.
- How to develop and quarterback an advisor team.
- How to charge fees for your guidance and expertise.
- How to market to your business owner clients in a value added manner.
- How to maximize your value to the client, while spotting additional sales opportunities.
PRACTICE MANAGEMENT THESIS: Students have access to The Professional Approach Referral Kit, which include the following Practice Management Tools:
- The Succession Mapping Tool
- The Modified Six Step Planning Checklist
- Distinguished Advisor Benchmarks
KNOWLEDGE BUREAU TOOLS INCLUDED:
- EverGreen Explanatory Notes
-
Knowledge Bureau Calculators
- Tax Efficient Retirement Income Calculator
- Marginal Tax Rate Calculator
- Income Tax Estimator
- Registered vs. Non-Registered Savings Calculator
MARKS ALLOCATION:
Quizzes | 25% |
Case Studies | 50% |
Final Exam | 25% |
Passing Grade | 60% |
Honours Achievement | 90% |