Business ownership: The complete wealth spectrum

Business management along with tax, insurance, investment, succession & estate planning shouldn’t be addressed as isolated topics.

For an owner of a small or medium-sized business, wealth planning has an added dimension. With an eye on your business – including strategy, finances, operations, human resources, technology and marketing, among other matters – you also have the critical task of planning for your personal future, finding tax efficiencies and ensuring your family will be taken care of should anything happen to you unexpectedly.

But the line between these categories is often blurred. At what stage does business planning end, for instance, and succession or estate planning start? And how do you develop a cohesive tax plan that straddles your business and personal life to maximize efficiencies?

That’s where our team can help.

We would argue these topics are inter-related and that the most effective way to manage your wealth over the long term is to employ an integrated strategy—one that considers your personal and business affairs as part of a continuum. (This isn’t to say, however, that your personal investment and retirement assets should be combined with your business investments – diversifying your assets via RRSPs, TFSAs and other investment accounts is extremely important to avoid significant risk to your family’s wealth).

Your comprehensive wealth plan must address specific business owner solutions and transition planning, along with an estate plan, will, insurance, tax, investment and retirement planning components.

We work with a team of professionals, including Richardson Wealth’s Tax & Estate Planning and Insurance specialists, our Private Family Office, as well as lawyers, to provide comprehensive and strategic planning for your business and personal situation. Among the topics we can assist you with are the following:

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We understand what you do as a business owner is to work in the business. Our team will help you work on the business to grow and protect your wealth and your legacy.

Contact us to discuss your unique situation and strategic wealth-planning options.