Karma & Cents Blog

Some of our recent thoughts

It’s Never Too Early to Start Thinking about Transitioning your Family Business

It’s not a matter of if, it’s a matter of when, you will transition your business. The process of transitioning is the most monumental decision in your company’s lifecycle. Optimizing the value of your business, understanding the range of choices for how, or who to transition to, and preparing for your succession, are just some of the fundamental elements that should be part of your business planning today.

Family Business Transition

Family businesses do not operate in their own dimension. In fact, there are several systems at play each influencing the dynamics that happen within the opposing system. Venn diagram of family, business and ownership systemsYou have the Family, the Operating Business and the Ownership of the enterprise. For some, when they started their company, a family business isn’t what was originally intended, “it just grew that way.” For others, inheriting the family business was as much a birthright as it is a job. How then, with these varied perspectives can a businesses successfully transition? What does transition mean? Is this from one generation to the next, or from managing team and ownership group to outsiders?

Business Transition Forum

When I had my previous company, we had external shareholders. While the business was itself a family business with my brother-in-law and cousins as part of the Board and ownership, it was the external advisors who pushed us to have a clear exit strategy. This plan to “get out” even before we were off the ground seemed incongruous to the values we espoused as grassroots, family oriented, community focused. If it weren’t for courses and organizations like The Business Transitions Forum (BTF) we might have missed some of the practical insights from other entrepreneurs who have traveled down the transition path before us. The connections to legal, financial and business experts beyond our own network allowed for a different perspective to some of the challenges we faced. Identifying strategies for growth, understanding liquidity options, how to avoid transition disaster, and thinking like a buyer from the onset, even if you are not planning on selling were just some of the lessons learned over the time that we transitioned the business to a new ownership group.

Business Transition Forum Calgary logo Black & WhiteKarma & Cents is pleased to partner with BTF for two important reasons:

  1. They are focused on putting the community of entrepreneurs and families at the heart of what they are offering;
  2. They are committed to supporting their network so that expertise and knowledge is shared beyond those who are just “in the know” and who attend the Forum.

Watch the video for what to expect at the Calgary Business Transitions Forum. Karma & Cents will be there and we will be happy to answer questions that you have about:

  • Transitioning your corporate philanthropy and social vision to the new ownership group;
  • Creating a giving program as part of your transition plan;
  • Exploring what to do “after” your liquidity event has occurred;
  • Talking with your kids, the Rising Generation, about family and corporate legacy
Note from the BTF Organizers:
Position yourself for success

Join hundreds of other business owners for this 2-day event. Learn from experts and connect with peer groups who will offer valuable insights to help you with your transition strategy – whether you’re just beginning to think about it or are well-advanced down the path. This event will provide you with tactical take-aways in order to help you make smarter decisions in the short term while setting you up for successful transition in the future.

The Business Transitions Forum Calgary takes place October 10th – 11th at The Westin Calgary. Learn more & register here: https://businesstransitionsforum.com/calgary/

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What are Your Assets? Time, Talent, Treasures and Ties

In honour of National Volunteer Week we want to highlight the different types of assets that individuals, companies, family foundations and non-profit organizations bring to the charitable sector. Too often people or agencies are labeled by the one thing that they...

Are you ready to take the
next step to Philanthropy 3.0?

Press Release:

National Music Centre announces Crossroads series, a cross-cultural exploration of music in Canada

 

Get your copy of the press release here.

Press Release:

This #GivingTuesday Shift the Conversation from Asking to Engaging

Get your copy of the press release here.

Podcast:

Moolala - Does GenZ have the same Philanthropic Sense as their Parents?

Image of Bruce SelleryBruce Sellery – author of Moolala 

Video:

Philanthropy 3.0 at TEDxCalgary

Video:

Philanthropy 3.0 at TEDxCalgary

Podcast:

BrainTrust Philanthropy

Listen to the podcast here.

Press Release:

National Music Centre announces Crossroads series, a cross-cultural exploration of music in Canada

 

Get your copy of the press release here.

Press Release:

This #GivingTuesday Shift the Conversation from Asking to Engaging

Get your copy of the press release here.

Podcast:

Moolala - Does GenZ have the same Philanthropic Sense as their Parents?

Image of Bruce SelleryBruce Sellery – author of Moolala 

Video:

Philanthropy 3.0 at TEDxCalgary

Video:

Philanthropy 3.0 at TEDxCalgary

Podcast:

BrainTrust Philanthropy

Listen to the podcast here.

Who we are

Karma & Cents™ supports family foundations and family enterprises in attaining their social and legacy objectives by assisting them with Facilitation, Planning, Documentation and the one of a kind Karma & Cents Social Impact Lab

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