Preparing for the Future of Your Business – Presentation
Simon Francis, a Partner in our Audit and Accounting practice, had the opportunity last week to host a session ‘Preparation for the future of your business – taxation, succession and relates matters to promote a healthy practice’ at the Canadian Federation of Podiatric Medicine’s Annual Conference. In his presentation, Simon touched upon several considerations of which medical practices should be aware including the benefits of professional corporations and the impact of the new tax regulations and planning possibilities. A consistent theme focused on the lower tax rates of small business corporations when compared to individual tax rates.
Simon outlines the major tax benefits and drawbacks, as well as strategies owners can take to reduce the taxable income of their practice.
Additionally, businesses evolve, and practitioners need to consider all possible transition and succession opportunities. The presentation focused on how medical professionals should not only focus on working “in” the business but also “on” the business resulting in growth of practice value and setting up for succession. Succession options include whether or not you should sell to a colleague or family member, and the pros and cons of selling to a third-party.