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Family and Business Legacy

Today’s foot print is tomorrow’s legacy

From one family legacy to another

At Verus Financial, we understand the intricate tapestry of family dynamics and the significance of a successful family business. With our own legacy deeply rooted in family entrepreneurship, we bring a unique perspective that goes beyond traditional wealth management. Our firsthand experience in building and nurturing a thriving family business equips us to guide you in preserving and expanding your own wealth, ensuring a seamless transition across generations. Let us help you harness the strength of our shared legacy to shape a prosperous financial future for your family.

Family Legacy

Studies indicate that a significant majority, around 90% of families, encounter difficulties in effectively transferring their wealth beyond the third generation. These challenges often arise due to insufficient communication, beneficiaries who are not adequately prepared, and a lack of a shared vision among family members.

Ensuring our families don’t become another statistic, we incorporate the following process to help increase the changes of a truly lasting family legacy:

  • Regular family meetings and discussions about financial matters can help ensure that all family members are informed and have a voice in decision-making.

  • Providing beneficiaries with financial education and guidance can empower them to make informed decisions about managing and preserving wealth.

Engaging all experts in our total wealth approach, plus the coordination of your existing professional (accountant, lawyers) can help families navigate the complexities of wealth transfer and develop strategies that align with their goals.

Creating a family constitution or governance structure that outlines shared values, goals, and decision-making processes can promote unity and continuity across generations.

Emphasizing shared values, philanthropic efforts, and a sense of purpose beyond financial wealth can help foster a sense of unity and common vision among family members.

Recognizing and addressing emotional dynamics within the family can help mitigate conflicts and promote healthier relationships.

Each family is unique, and there is no one-size-fits-all solution to successful wealth transfer. However, by addressing these common challenges and taking proactive steps, families can increase the likelihood of preserving and passing on their wealth across generations.

Business Legacy

When it comes to planning a financial legacy, there is so much more to consider that goes far beyond the family tree. The financial legacy of family businesses requires thorough planning, regardless of how the handoff occurs. It’s about preserving your legacy and ensuring a seamless transition for generations to come.

There’s an estimated $1 trillion in retained earnings currently held within Canadian businesses, according to Dr. Tom Deans, an expert in intergenerational wealth and bestselling author of “Every Family’s Business” and “Willing Wisdom”.

Three key pillars for establishing a successful business legacy as outline by Dr. Tom Deans:

Ensuring that all generations within your family share a common vision for the future of the business. We can help facilitate discussions that reveal whether inheritors are aligned with being owners or more inclined toward a different role.

Assess various scenarios for the business transition. This includes considering whether you’d like to sell the business, how and when to hand over control, and if you’ll provide guidance or step back entirely.

Identifying the most suitable successors for your business, whether they are family members or not. This ensures the business’s continuity while also considering the best interests of everyone involved.

Taking proactive steps now, can lead to a smoother and more successful transition of your family business. Here is how we can help:

  1. Thorough Planning: We can guide you through creating a comprehensive family business workflow. This involves defining specific criteria for potential inheritors or buyers, facilitating important conversations with your family about the future of the business, clarifying your intentions through your will, and addressing crucial financial aspects including assets, liabilities, and potential tax implications.
  2. Expert Collaboration: Build a network of experts, including lawyers, accountants, trust officers, M&A specialists, and even family therapists, will provide you with well-rounded and unbiased advice. Your financial advisor will be your main point of contact, ensuring all perspectives are considered and integrated into your succession plan.
  3. Securing Your Retirement: Beyond the business, we will help you devise a comfortable retirement plan. This is especially important given that a substantial portion of your assets might be tied up in the business. We will work with you to determine your retirement needs and ensure you have sufficient resources to lead a comfortable retirement.

By initiating these discussions and considering the future, you can ensure your legacy lives on while securing a comfortable financial future for yourself and your loved ones.

We’re here to help

If you’re ready to embark on this important journey of legacy planning and securing your family business’s future, please don’t hesitate to reach out. It all starts with a conversation.

Let us help you create the life you’ve earned. We have the expertise required to navigate life’s trickiest transitions and create enduring family legacies for generations to come.

From personalized investment portfolios to in-depth financial planning to nurturing your business transition; we provide the expert advice and holistic wealth management you need to feel confident in your family’s future.