Book Value

Succession Planning Toolkit for Business Owners
By Luanna McGowan, Corina Weigl and David L. Wilton
Canadian Institute of Chartered Accountants, $29.95

Succession planning may pose a daunting task to many business owners but this toolkit navigates through the exit challenges with ease. Practical and straightforward would sum up the book’s style.

A hands-on survey by the Canadian Federation of Independent Business (CFIB) spearheaded the development of the book. The insights gleaned from the survey, completed by more than 13,000 small or medium-sized businesses (SME), provide real-life scenarios and case studies.

The 10 chapters cover diverse topics such as planning a management buy-out, financing the succession plan and understanding the tax and legal issues. It also provides guidelines on softer communication skills, such as discussing plans with family members.

The book includes a handy CD that offers a quick click to planning checklists, which highlight a myriad of key issues such as setting strategic directions, preparing for the sale and retaining a valuator.

According to the 2006 CFIB survey, only 10% of SME owners have a formal plan to sell, transfer or wind down their businesses. Perhaps this quote from the book will inspire business owners who are procrastinating: “The more time you have to plan, the more likely you will achieve your goals.”

-- Diana Cawfield