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Title: Cardinal Point Wealth Management Issues Timely Succession Planning Alert for Canadian Family-Owned Businesses Amid Generational Transition

United States, 8th Jul 2025 – Cardinal Point Wealth Management is alerting business owners across Canada to the critical importance of succession planning, as the country stands at the brink of a major generational transition in business ownership. With over 70% of Canadian businesses classified as family-owned, and nearly half of owners expected to exit within the next five years, the need for structured, tax-efficient transitions is increasingly urgent.Despite the scale of this impending wealth transfer—estimated to involve billions in private business assets—only a minority of owners have formal succession plans in place. As the firm advises, the process of transitioning ownership, whether to family, employees, or third parties, is a complex undertaking that must begin years before a transaction takes place in order to ensure long-term success and minimal tax exposure.The Foundations of Succession PlanningCardinal Point emphasizes that succession is far more than a mere financial transaction. It is a multi-year process that impacts family relationships, management structures, ownership rights, and the legacy of the enterprise. A well-constructed succession plan should thoughtfully address:The long-term needs of the owner, family, and the business;Business valuation and its justification;Communication strategies with stakeholders and successors;Timeline and implementation phases; andProactive tax and legal considerations.Cardinal Point recommends initiating planning at least two to three years before a proposed transition takes place to allow for proper structuring and strategy implementation.Exit Options and Tax Implications1. Sale to a Third Party: Share vs. Asset SaleThis decision carries significant tax ramifications. Share sales are typically preferred by sellers...

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