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Succession planning

Smart strategies to secure your future—and the future of your business.


Create your roadmap for a smooth transition

Leadership transitions are a natural part of every business. Yet most small business owners have no real succession plan. With a well-thought-out succession plan, you can secure your business’s continuity and provide confidence and clarity for everyone affected—whatever comes your way.

A succession plan is a must-have if you’re thinking about:

  • Selling your business

  • Planning your retirement

  • Transferring ownership of your business

  • Protecting your business and loved ones in case of an unexpected death, disability or illness


Benefits of succession planning

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Free planning advice

If you’re thinking about succession planning, we can help you get started. Connect with one of our advisors to get the advice and referrals you’ll need to create a succession plan that works for your business.

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Flexible financial solutions

Protect the value of your small business and the financial security of key stakeholders with flexible financial solutions, such as funding tools for capital gains and buy/sell agreements.

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Personalized guidance

Gulf & Fraser advisors can help you take the first step toward building your personalized succession strategy by connecting you with specialists to answer questions about insurance, financial planning and more. 

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Peace of mind

Imagine passing the torch effortlessly, managing taxes and finances easily and orchestrating a smooth, well-supported transition for your staff. That’s the beauty of a thoughtful succession plan.

Your keys to effective succession planning

Get started early

One of the keys to effective succession planning is to start early. In fact, it’s best to start at least three to five years before you plan to retire. So don’t wait!

By making some tough decisions today, you can preserve your hard work and legacy, ensuring a smooth transition for your business and your family when the time comes.

Communicate your plans

Whether you plan to pass your business down to your children, transfer ownership or sell your business before you retire, it’s important to communicate clearly with your leadership team and your family about your vision and plans.

Working through their questions and concerns early on can ease tensions and strengthen key relationships. It also makes for fewer surprises when it’s time to put your plan in motion.

Keep your small business protected

Succession planning is an important part of safeguarding your small business from unforeseen events. There are other simple and straightforward things you can do to make sure you and your business are covered, no matter what. Listen to our “Protection for small businesses” podcast episode and check out our business insurance solutions to learn more.

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Get expert guidance

Regardless of your business’s size or stage, creating a thorough and well-funded succession plan takes time, flexible financial tools and guidance. 

Things to consider: 

  • Prepare for unexpected events like death, disability or illness

  • Understand and plan for the tax implications of your leadership transition

  • Choose the right funding tools to ensure business continuity and financial security for key stakeholders 

  • Secure your business’s legacy in the community

  • Communicate your plans with your team and key stakeholders

Take your next step today

Succession planning not only secures your legacy but also benefits your staff and the future of your business. So don’t wait. Contact an advisor today to take the next step on your succession planning journey.

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Ready to get started on a succession plan?

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Call our Member Hub

Call 604-419-8888


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Securing commercial lending for your business takes careful planning. Whether you want to expand your operations, upgrade your technology or start a land development project, we’ve got the tools and expert advice to help propel your business forward.


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Succession planning FAQ

Succession planning is when you create a detailed plan to guide your business through major leadership transitions. It involves deciding who will take over when you’re no longer in charge as well as details of any required buy/sell agreements and related funding. It considers the tax and other financial implications of the transition, keeping the financial security of the business and key stakeholders in mind.

A succession plan helps ensure a smooth transition for your staff, so your business keeps running effectively through and after the transition. Succession planning is important for any leadership transition—planned or unplanned. It can be especially helpful when leadership changes are prompted by unexpected events like the death or disability of an owner or other key people in the business.

You’ve worked hard to build your family business. Having a strategic succession plan is key to protecting what you’ve built. Succession planning helps ensure a smooth leadership transition for your business—whether it’s being passed to the next generation or to new ownership—and helps maintain stability and confidence for your team.

Without a plan, leadership transitions in your family business can place heavy financial burdens on your business and your family, causing confusion and disruption during an already-intense time. Succession planning helps get your family members on the same page, preparing them and your staff for the eventual transition. It addresses the financial implications of transferring ownership early on so that when the time comes, you can protect your business and your family’s financial security.

Creating an effective succession plan for your small business means charting a course that’s right for you.

While each business owner’s process will involve many of the same steps, the specifics of your plan will be as unique as your business. Some of the steps in creating an effective succession plan include:

  • Identify key roles within your business

  • Develop plans for bringing in or training potential successors for your role and other key roles

  • Establish a clear timeline for transitions

  • Address any legal or financial matters, establishing funding tools where needed

  • Communicate your plans to your stakeholders and family members

  • Monitor and adjust your plan as your business evolves

Speak with a Business Relationship Manager for support on your succession journey.

Have more questions?

Don’t hesitate to reach out. We’re just a live chat, video, or phone call away when you need us.

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Other solutions you may want

Business credit cards

Simplify and manage your corporate expenses with Gulf & Fraser credit cards.

Business lines of credit

Instant access to funds you need, when you need them. Manage daily operations and seize new opportunities with ease.