redactedHow can a wealth manager help a Canadian business owner exit their business? “I'd like to leave or sell my business — can you help me?” This question is increasingly on the minds of baby-boomer-aged business owners. A wealth manager plays a distinct and valuable role in the sell-side process: informing and educating you about the process, facilitating introductions by coordinating with you and your other advisors, and providing the services that ensure a successful personal and financial transition from the business. The wealth manager focuses on what happens to you and your family's financial security — before, during and after the sale. What are the five areas where a wealth manager adds value in a business exit? 1. Establishing goals and objectives - Advise you on how to quantify your goals and objectives - Perform a financial-needs analysis to determine retirement income needs and wants - Review and offer advice on personal investment strategies aligned with your plan 2. Determining the value and price you need - Determine the current amount of your investment assets - Determine the level of income needed — and the level wanted — after your exit - Prepare a financial plan for you and your spouse - Discuss your tolerance for investment risk both pre- and post-exit 3. Protecting and growing your value - Discuss, design and fund non-qualified employee benefits, such as deferred-compensation plans - Discuss, design and fund qualified retirement plans, such as defined-benefit plans 4. Contingency planning for the business - Determine the amount of proceeds available to your surviving spouse if continuity plans are exercised - Determine whether additional capital and income are needed — will there be enough income for the family based on available assets and your financial-independence goal? 5. Wealth preservation planning - Review your estate plan at the outset of the process to ensure consistency with your objectives - Determine the amount of capital your surviving family needs to ensure their financial independence Why involve a wealth manager early in the exit process? The sale of a business is the moment an owner converts an illiquid operating asset into liquid wealth — often for the first time in decades. Decisions made before the sale (deferred-compensation design, retirement-plan funding, estate-plan alignment) and immediately after (how proceeds are invested and protected) compound over the rest of your life. Involving a wealth manager at the outset, alongside your M&A advisor, accountant and lawyer, ensures the deal is structured to meet your personal financial-independence goals — not just to maximize the headline price. What are the next steps? The areas above outline the involvement and work you can expect from a wealth manager. The list is far from exhaustive, but it includes the more commonly implemented tools and techniques. A business valuation guide is available as a free resource exploring valuation preparation, methodologies, valuing intangible assets, valuation mistakes to avoid, and the distinction between price and value — along with an offer for a confidential custom business valuation. Key facts: how a wealth manager helps you exit your business Role: informs and educates on the sell-side process; coordinates with your other advisors; ensures a successful personal financial transition Five areas: establishing goals/objectives, determining value/price needed, protecting and growing value, contingency planning, wealth preservation Financial-needs analysis: determines retirement income needs and wants for you and your spouse Contingency planning: ensures proceeds and income protect a surviving spouse and family Estate planning: reviewed at the outset to stay consistent with your objectives Timing: involve a wealth manager early, alongside your M&A advisor, accountant and lawyer About The Shaughnessy Group If this content was useful, the rest of the Selling Your Canadian Business library is one click away. Visit redacted for a monthly newsletter, audio podcast, and video interviews with Canadian advisors. Subscribe now to The Canadian Exit Briefing for exclusive articles, guides and reports written for Canadian business owners and their advisors. Pass this article along to another owner who is working through the same questions. Disclaimer: This article is for general informational purposes only and does not constitute legal, tax, investment or financial advice. Consult qualified advisors regarding your specific circumstances. redacted