david agnew sitting on table

In recent decades, rapid advancements in technology, changes in the economy and shifting societal trends have had a large impact on many Canadian businesses and industries. These types of changes contribute to both the entry and exit of thousands of businesses within the marketplace each year in Canada.

In this special edition of Perspectives, we focus on relevant topics and information to help business owners throughout the entire life cycle of a business, from start-up and growth all the way to developing an exit strategy and succession, recognizing that strategic planning at every phase can go a long way in helping to achieve business goals, adapt to change and build towards sustainable success.

When it comes to growing a successful business, we explore the potential behind the integration of credit and the possible benefits of leasing when investing in new business equipment. And for business owners thinking about how to build and preserve their workforce, especially amidst shifts in the labour force and the growth of temporary or freelance work, “Employee loyalty: Attracting and retaining top talent,” provides an overview of potential options.

With recent research indicating that approximately 40 percent of Canadian entrepreneurs are likely to exit their business within the next five years, succession is a growing focus for many. In “Keeping it in the family: managing conflict through planning,” we examine intergenerational business succession and strategies to help ensure a smooth process. In “Your business exit strategy,” we discuss the various options for transitioning out of a business and considerations in choosing and planning for each. Additionally, for business owners who may opt to sell their business, this edition features articles on business valuation and planning for a tax-efficient transition.

For all business owners, planning for the unexpected and safeguarding a business are important aspects as well, and this edition includes discussions on key person insurance, shareholders’ agreements and estate planning that takes your business interests into account.

Whether you’re a newer entrepreneur or you’re a longtime owner with retirement on the horizon, I encourage you to contact your RBC Wealth Management advisor about the topics featured in this issue and to explore ways to address your business, family and personal wealth management needs and goals.

David Agnew, CEO
RBC Wealth Management Canada