Don’t be afraid to look outside the family business
Professional financial advice
One in five (21%) small business owners in Canada said their company was founded by or with a family member, according to the 2016 Manulife Small Business Research Report. If your business is family owned and operated, you likely realize family is a strength — and yet many family businesses aren’t getting one important thing right.
A significant number of family-run businesses aren’t tapping into advice from a professional advisor as much as they could. Just 59% of family businesses in the survey work with a professional advisor. Others are missing out on expert guidance in areas such as:
- Financial planning
- Attracting and retaining employees
- Succession planning
If you’re one of the 59%, you’re already one step ahead of the competition. If you’re not, it’s time to start leveraging an advisor’s strategic expertise.
If there are financial solutions that could benefit your family business, an advisor can help you understand what makes sense and what may not be necessary.
Working with an advisor, you can create a comprehensive list of critical components to help you make sound financial decisions that build on today’s successes, minimize disruptions in the future, and smoothly pass your business on to the next generation.