Thinking about selling your business one day? With proper advance planning, it is possible to eliminate or significantly reduce your taxes upon the sale of the business.
A Dynamic Entrepreneur Success Story: Succession and Advisory Services
“SBLR’s strength – they really understand the needs of the entrepreneur.”
Like many successful business owners, Ross Smith was so busy running his business that he didn’t start thinking seriously about an exit strategy or succession plan - until something catastrophic happened. At age 50, and with no warning, Smith suffered a massive heart attack.
Smith was lucky. Thanks to a rare quintuple bypass, he not only survived, but was also able to return to work as president and CEO of Corporate Contracting Services Ltd. (CCSL), a multi-million dollar banking machine installation and renovation business.
“Like many entrepreneurs, I had been too involved in the day-to-day running of the operation, trying to do too many things myself. Thankfully, SBLR helped me create a solid succession plan and infrastructure that allowed me to take a step back and work ‘on’ the business, rather than ‘in’ the business. If we had not done so, I simply would not have had a business to go back to after recovering from the heart attack,” says Smith.
Smith also credits SBLR’s strategic planning for the successful growth of his company over the years. During his tenure, CCSL became the largest installer of ATM’s in Canada with a roster of clients that included Royal Bank of Canada, TD and Bank of Montreal. The company’s sales doubled from $13 million to $26 million in a period of just four years.
“Then, when I was ready to exit the business, SBLR was once again in my corner,” says Smith, who successfully sold his share of CCSL to his partner and an outside purchaser. “In the more than 20 years that I have worked with SBLR, they have always given me support and direction to face the challenges of being a business owner. Their strength - they really understand the needs of the entrepreneur.”
