Financial and Business Succession Planning, J. Paul Wilson, CFP, Halifax, Nova Scotia, Canada

Business Owner

1.       One of the rewards of owning a successful company is the building of wealth. In fact for many business owners, the business is not only the greatest generator of wealth, it is also their greatest asset. What portion of your Net Worth would your business constitute? ______%  

__ A tax effective wealth diversification strategy is in place

__ I have a comprehensive risk management strategy to protect my wealth

__ An exit strategy has been formalized

__ I do not have one or more of these strategies in place and would like to discuss

2. To ensure you are getting proper coverage and good value for your premium dollars.

__I have had a Certified Risk Manager review my commercial insurance recently

__I have had a Chartered Life Underwriter review my business life and group insurance

__I would like to discuss the potential benefits.

3.       Are your business partnership arrangements structured to leave your spouse with inflexible or unmarketable company shares instead of ready cash in the event of your critical illness, disability or death? 

__He/she would only inherit shares

__He/she would receive cash

__They would have enough to survive on while maintaining their current employment

__I have no idea – please consult with me on this issue

4.       Is the difference between what you OWN and what you OWE getting WIDER, NARROWER or STAYING THE SAME? 

__Getting wider

__Getting narrower

__Staying the same

__I don’t know – my financial advisor hasn’t shown me lately

5.       One advantage of owning a business is the number of planning opportunities available to have your company do some things for you, such as the funding of your retirement and tax preferred plans for executives. Are you involved in this type of planning?  

__Yes, why? ___________________________________________________

__No, my business is not yet at that stage

__No – please consult with me on this issue

Personal 

1.  If you accumulate as many NET assets in the NEXT five years as you just did in the LAST five years, are you going to be satisfied with your progress at that point?

__Yes

__No

__I don’t know – show me more

2.       Taking into account all the taxes you have paid over your lifetime (income, capital gains, etc.) if you were required to give estate assets away and you only choices were government and charitable purposes, how would you like to see your estate allocated?

Government _______%

Charitable Purposes _______% 

3.       How many weeks of your typical month in retirement are FULLY funded by your current plans (based on date of retirement until end of projected life expectancy)?

 _First week only

__Two weeks

__Three weeks

__All four weeks

__I don’t know – help me to find out 

4. If you were diagnosed with cancer, or were to suffer a heart attack or stroke, could you financially survive a prolonged period away from work?

__Yes

__No

__I have no idea – please evaluate my situation with no obligation

 5. Are you satisfied with the quality of advice and service you are receiving from your financial advisor?

__ Yes, we are receiving excellent service

__ No, we rarely hear from our advisor

__ We don’t have an advisor



J. Paul Wilson, CFP, CLU, CH.F.C., TEP
380 Bedford Highway, Halifax, Nova Scotia, B2N 2L4
Office (902) 405-8665 Direct (902) 982-2377 Mobile (902)488-4982
Toll-free Fax (866)-436-1207 Email paul@jpw.ca

NOTE:

The information contained in this article is intended to provide general guidelines only. The application and impact of the law can vary widely from case to case based on the specific or unique facts involved. Accordingly, the information in this article is not intended to serve as legal, accounting or tax advice. Users are encouraged to consult with their professional advisers for advice concerning specific matters before making a decision.