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If you own a corporation that carries on an active business, you may be in a position at some point to consider the sale of your business. We are here to assist you in your succession plan. There are many options to choose from and your circumstances will determine what route is optimal for you.
The sale of an incorporated business can be accomplished either through the sale of the corporation’s assets or the sale of shares of the corporation. The asset sale versus share sale decision requires consideration of many tax and non-tax issues. However, tax will generally play a significant role in the decision.
Another option would be to an Estate Freeze. An estate freeze is a mechanism that permits you to fix, or freeze, the value of your business interests at their current value by exchanging them for property having a static value. Future growth can be passed to others as a result, which can produce a variety of potential tax and non-tax benefits. You will generally only consider implementing an estate freeze once you have accumulated sufficient wealth to live in your chosen lifestyle for the remainder of your lifetime.
These are just two examples of business succession plans. Come talk to us today and we can help guide you to decide what is best for you and your business.