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Thursday, July 8, 2010

Review of my book in Alberta Venture Magazine

Kristiana Indradat reviewed my book "Succession Planning Kit for Canadian Business" in the June 2010 issue of Alberta Venture Magazine. She said:

"Breakups are tough. Planning your exit strategy away from something or someone in which you've invested years of energy, effort and a few sleepless nights can be hard to do - especially if that thing is your business. Before you potentially hand over the reins to your eldest child or most senior staff, Lynne Butler, author of Succession Planning Kit for Canadian Business, wants you to consider some things.

With 20-plus years of experience in wills, estates and trusts, Butler guides you through the manageable process of succession planning. She discusses the options that might apply to your business - selling, transferring, freezing estate, farm rollover, buyout or winding down your operations. Worksheets at the end of each chapter (and in the included CD-ROM) help organize your thoughts on topics such as "Financing Your Succession Plan" and "Putting a Dollar Value on Your Business", making the eventual counsel with your lawyer, accountant and other professional advisers less painful. She also offers substantial food for thought for the 30% of Canadian business owners, according to a 2007 RBC study, who are thinking about passing the business along to a family member. A full chapter considers the issues and complications of keeping it in the family.

Butler also recognizes that taxes are an unavoidable part of the succession planning equation and offers insight about capital gains throughout the book. "Planning ahead allows you to find and use tax-efficient ways of transferring your business," Butler writes. "Failing to plan could mean paying a lot more tax than you have to." Her rule of thumb? Allot at least five years from start to finish to execute your exit."

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