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Planning for Success with Business Succession Planning

You’ve spent years building and growing your business; it’s become a source of great pride. Now you’re looking to the next stage in your life and considering how to prepare both you and your business for this transition. Whether you’re planning to gradually step away from your business, explore personal interests or pursue new business ventures, having a business succession plan that clearly outlines your intentions and goals helps make this transition easier for you, your family and your business.

RBC Royal Bank® can help get you started in the succession planning process. At RBC Royal Bank®, we’ll support you through your planning process with advice and solutions that match your business and personal needs. From business transition advice to wealth management, personal retirement and estate planning, we can help you through this process that will benefit both you and your business.

Industry Expertise - Our account managers will work as your partner, leveraging all of the resources RBC has to offer. We can provide the financial advice and solutions you need to help your business achieve its fullest potential.

To talk to a Business Succession planning specialist by calling 1-800-769-2520 or visit RBC Royal Bank® Commercial Financial Services and locate an Industry Specialist or Commercial Banking Advisor in your local area by inputting a postal code, as well as access information on all product and service solutions.

A succession plan is a detailed roadmap that provides direction on how the ownership of your business will be transferred. It identifies your potential successors or confirms that successor and details the transfer of the ownership of your company. Learn more at RBC Business Succession Planning.

Your business succession plan should include most of the following:

  • Business strategic vision and goals and business plans for current and future operations
  • Personal and family goals
  • Preferred exit option including potential or identified successors
  • Valuation of your business
  • Personal retirement plan including life insurance and estate planning
  • Timetable for events and transition
  • Communication plan for advisors, family members, shareholders and key employees
  • Information to ready your successor
  • Taxation and legal issues
  • Mechanics for transferring ownership in the business
  • Financing outline for the succession plan
  • Procedure for monitoring the succession process
  • Contingency options including planning for incapacity or untimely death

A successful plan includes documents like agreements, wills and powers of attorney, business, estate and tax plans. Having each of these elements in place will provide the assurance that your business continues to thrive while you achieve your personal goals and financial security for the future.

Go to RBC Royal Bank® Business Succession Advice Centre for a complete listing of articles, tools, resources, client stories and webinars to help you navigate the transition of your business succession.