Although no two family-business succession plans look the same, one thing is true of them all: putting together an effective succession plan is a complex task involving many emotional, financial, legal, and strategic elements. That means family-business owners can’t go it alone: they need a team.
A family business usually changes hands for one of three reasons: the owner is retiring, the owner has passed away, or the owner has decided to sell the business at some point before retirement. Whatever the occasion, misconceptions swirl about the business-transfer process. Here are six common myths—and the realities behind them.
Many people use the terms “estate planning” and “succession planning” interchangeably, but they are actually separate processes with different end results.
If a business is going to do just one thing to guard against potential future disaster, that thing should probably be taking out insurance policies against the unexpected loss of its key personnel. This one simple step can make the difference between business survival and failure if someone indispensable to the company dies, becomes critically ill, or is permanently disabled.
What We Do
Optimizing net worth for successful entrepreneurs and families.
For more than 20 years, The Targeted Strategies Group (TTSG) of companies has helped successful entrepreneurs and families protect, preserve, and optimize net worth by using proprietary life insurance solutions. Our team of more than 100 professionals collaborates with our clients and their advisors to provide ideas, strategies and solutions to complex problems.
Custom life insurance solutions. Tailored to our client’s financial goals.
Life Insurance Solutions
Our team of experts work with your advisors to guide strategies and solutions.
“We are a group of professionals and thought leaders who collaborate with our clients and their advisors to provide insight and innovative solutions to complex estate planning opportunities and challenges.”
Susan Kichuk, CEO
What We Value
At TTSG we are guided by the following values.
Our business model is built on partnering with our clients and our clients’ advisors to look at their planning holistically. We believe it is more effective to be part of a team where we focus on what we do best and collaborate with best resources available in other areas.
We believe in giving back to the community and empowering our employees to support the causes they are most passionate about. As a company, we have donated or sponsored charity-based events in an amount of more than $1M over the last two years. We also offer a program that matches employee charitable contributions, and have a “Volunteer of the Year” program where one person is recognized with a significant monetary gift that they can choose to donate to an eligible registered charity.
We live in a world of possibilities, not process. We continuously look for new and creative ways to do things better and believe that investments in innovation will always multiply the benefits possible. We have invested millions of dollars to build a team of the sharpest minds dedicated to continuously finding the best ways to achieve our clients’ goals. We invest over $2 million in product research annually and proactively work with our partners to improve the products available to offer our clients. We also invest hundreds of thousands of dollars in employee education and skill development every year to ensure our professionals are top in their field.
We are transparent and accountable to our clients and our partners. In addition to our employees being accountable to the various regulatory organizations governing their professions (e.g. provincial Chartered Professional Accountant bodies, provincial law societies, provincial insurance regulators), we have invested in a full time regulatory compliance lawyer as our Chief Compliance Officer who ensures we maintain the highest standards in insurance compliance, client privacy protection and cybersecurity.