Many business owners across the world want their children to take over their firm when they are ready to retire. But it requires mutual interest between parent and child to have a fruitful succession plan, reported the Toronto Star.
Business owners in Toronto that are ready to pass down their firms need to look into Toronto storage rates in case the new business owner wants to quickly get operations off the ground and change the look of the company.
Keeping the business mostly the same is generally why parents want to pass down their company to their kids. While it may be convenient, these children must be prepared and willing to take over the firm, said the paper.
“Parents often want their kids to take over because they feel they’ve built a legacy to pass on,” Robert Gold, a managing partner at Bennett Gold LLP, told the newspaper. “It takes from five to 10 years to properly plan for succession. If a parent forces a child to take over, the business won’t be successful."
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