Burlington Accountants Advising on Corporate Reorganization & Succession Planning
Most successful businesses will find themselves facing the need to restructure or plan for management succession at some point. When they do, it is key to seek out the input and advice of experienced accounting professionals to ensure the business is set up for maximum return while minimizing financial risk throughout the transition. Whether you are starting your business, transferring your business to a family member or planning to exit, a carefully considered and strategic plan to reduce the tax costs is well worth the effort.
At Edelkoort Smethurst Schein CPAs LLP in Burlington, our Chartered Professional Accountants have comprehensive experience assisting businesses with succession planning and restructuring. We are adept at assessing the financial position of a business, analyzing business goals, identifying potential risks, and preparing a comprehensive transition plan that provides in-depth analysis and advice for all possible scenarios.
Corporate restructuring is a common business practice and is often undergone to take advantage of potential financial gain or to better accommodate evolving business needs or to protect against legal liability. Common reasons for changing the organizational structure of a business include:
- Maximizing tax benefits;
- Limiting the personal liability of the stakeholders;
- Preparing for a sale of the business; or
- Expanding into new territories.
At Edelkoort Smethurst Schein CPAs LLP we work collaboratively with our clients in helping them to restructure their corporation. We identify any business challenges, define short and long-term goals, and then advise on tax saving strategies to avoid significant tax penalties in the future.
Our highly skilled CPAs advise on:
- Asset sales;
- Growth patterns for expansion;
- New share structures;
- An employee purchase of the business;
- Debt repayment;
- Raising new equity or bringing on additional owners; and
- Expansion to other provinces or to the U.S.
Our partners have over 50 years of combined experience working with businesses and advising them on successful restructuring plans. Our relationships with the local business community run deep, and we have a strong interest in preserving the success of fellow local businesses through a period of major transition in order to stay competitive and grow their organization. We will advise on how to best achieve your evolving business objectives while minimizing tax liabilities during a restructure and into the future.
At Edelkoort Smethurst Schein CPAs LLP we take great pride in the fact that many of our clients are family-owned businesses with whom we have worked for years. Our dedication to them is in turn reflected by their trust in us. We always strive to develop long-term relationships with clients because it gives us a much deeper understanding of their business, which helps tremendously in identifying proactive solutions and offering bespoke advice. As a result of fostering long-term client relationships, with generations of families, we are frequently involved as the business transitions from one generation to the next.
No matter who is in line to take over the business when the time comes, the transition is often difficult, complex, and emotional. Generational succession and properly planning for it requires a certain level of sensitivity and a deep understanding of the significant risks associated with these types of transitions. It is especially important to identify and prepare for anticipated risks, to prevent a dip in confidence among employees, shareholders and/or customers, that could negatively impact company morale and business performance. A careful and measured approach in preparing for generational succession planning is vital to ensure the company’s value remains intact.
A Collaborative Approach to Change Management
At Edelkoort Smethurst Schein CPAs LLP, we prepare for change management proactively and collaboratively with our clients. Whether a corporation is planning to restructure its organization or a family-owned business is preparing for generational succession, having a carefully thought out plan in place, helps ease the financial and emotional burden associated with corporate change. Our accountants provide strategic, financial guidance on the best path forward during these types of transitions, in order to maintain the fiscal health of the business and to minimize risk to stakeholders.
A Local Firm Serving Local Businesses
Edelkoort Smethurst Schein CPAs LLP is located in Burlington, and our accountants have been developing relationships with local businesses since our inception. We have a fundamental understanding of the needs of the local business community and we value our relationships with our corporate clients. Our goal is to take a consultative approach, advising on financial and tax strategies to help you meet your goals. Our role and services can grow along with your business, providing financial guidance and services as needed. When a business is planning for significant change, we will be there every step of the way to ensure that the business continues to thrive financially after a reorganization or succession of management.
Contact Edelkoort Smethurst Schein CPAs LLP for Guidance on Business Reorganization and Succession Planning
Edelkoort Smethurst Schein CPAs LLP will work closely with the stakeholders of a business to carefully guide it through significant change. To speak with one of our knowledgeable Chartered Professional Accountants, please contact us online or by telephone at 905-517-2297.
Corporate Accounting Services
We offer a full range of corporate accounting services including ongoing bookkeeping & accounting, production of financial reports as well as compilation services.
Assurance Services: Audits And Reviews
Offering peace of mind to organizations through a full audit and review of your company’s reporting environment, financial statements and internal controls.
Cross-Border Tax Services
From real estate to income tax, we guide clients on both sides of the border through their U.S. and Canadian tax filing requirements and help to minimize their obligations.
Canadian Tax Planning And Compliance
Providing experienced and proactive management of personal and corporate tax compliance in Canada, while advising clients on effective tax minimization strategies.