Sun Life Financial - Unlocking the Value in a Business

8/7/2019 Sun Life Financial - Unlocking the Value in a Business

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Unlocking the Valueof your Business

Financial exit strategiesfor the business owner

How many of you know someone who is struggling with passing on

management and ownership of a business to the next generation?

While there are many reasons, a common obstacle is the lack of asecure retirement income for the owner.

The purpose of this presentation is to discuss some concepts available to

draw value from the business to provide a secure retirement income for the

current managers, without jeopardizing the future of the business for the

successors.

Or to put it another way, some of the options for ensuring that the value abusiness owner has locked up in the business can be unlocked to

meet his or her retirement income needs.


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Disclaimer

The following information is being presented on theunderstanding that it is intended for informationpurposes only. Neither Sun Life Financial nor thepresenter has been engaged for the purpose ofproviding legal, accounting, taxation, or otherprofessional advice.

No one should act upon the examples/informationwithout a thorough examination of the legal/tax

situation with their own professional advisors, afterthe facts of the specific case are considered.

This presentation is for educational or informational purposes only.

It is not intended to provide anyone with legal, taxation, accounting orother professional advice and no one should act upon the information

presented here without a thorough review of the specific facts with theappropriate professional advisory team.


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Agenda

The Problem

The Issues

Solutions

Case Study

Well cover:

The nature of the problem

The issues for the business owner and for potential business

successorsA number of possible solutions

A case study that illustrates one of these possible solutions

There are many possible solutions but time limits us to a detailed

discussion of one, with a quick highlight of a few others.


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You cant have onewithout the other

Secureretirement income

Successfulsuccession

How will you know when Mom or Dad is ready to move on? One signal mightbe a change from Business Week to Field & Stream magazine subscriptions.

There are many indicators that the business owner is ready to move on tothe next stage of life and away from the business. These include:

having passionate outside interests

being able to shift to the role of mentor for his successors

being able to delegate authority, and

the support of business peers, friends, spouse and family

Often the roadblock to passing the business on to the next generation is beinguncomfortable with the answer to the question, Where will my retirement

income come from?


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A Typical Scenario: Today

minimalsavings

$200,000house

$1,000,000business

PERSONAL NET WO RTH

House

Other personal assetsRRSP

Business value

Total Assets

Total Debt

Net Worth

200,000

00

1,000,000

1,200,000

0

1,200,000

BUSIN ESS BALA NCE SHE ET

Hard assets

Goodwill-FMV less book valueTotal assets

Total li abilit ies

Shareholder s equity (@FM V )

Total li abilit ies & S/H equity

6,000,000

1,000,0007,000,000

6,000,000

1,000,000

7,000,000

Let s set the stage for the case study wel l l ook at later. The fami ly is in their mid-

forties.

Theres not much in the way o f savings outside the business.

Their home is worth $200,000

The family business is worth about $1million

The owners are drawing dividends rather than salary for tax reasons. Does anyone

know of business owners drawing all their income in the form of div idends?


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The Problem

Asset rich andCash poor

So - your e a millionair e - at least on paper . Sounds great and it is!

However, this family is asset rich and cash poor. Sound familiar?

Of course, it could be an issue if the owner becomes disabled or dies and

the business is lar gely dependent on the owner for its value.

Lets ignore that for n ow, however. L ets look 20 years down the road as

the owner approaches the age when retirement would norm ally be

consider ed.


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BUSIN ESS BALA NCE SHE ETHard assets

FMV less book value

Total assets

Total li abil it ies

Shareholder s equity (@FM V )

Total li abil it ies & S/H equity

18,000,000

2,200,000

20,200,000

18,000,000

2,200,000

20,200,000

A typical scenario:At retirement

minimalsavings

$300,000house

$2,200,000business

PERSONAL NET WO RTHHouse

Other personal assets

RRSP

V alue of business shares

Total Assets

Total Debt

Net Worth

300,000

0

0

2,200,000

2,500,000

0

2,500,000

Well - 20 years have now gone by. The children are grown up and one has expressed

an interest in being involved in the business.

I f we assume assets have grown at a net 4% aft er taxes and income withdrawals, this is

what the situation looks li ke assuming no changes are made. T heyre stil l asset r ich

and cash poor.Heres the issue. H ow are M om and Dad going to get their hands on an adequate

retirement income while:

A lso paying income out of the business to meet the needs of the child wholl be

taking over the reins?

Not compr omising corporate cash flow needs?

Ensuring they are fair to children not involved in the business?


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Unlocking thevalue of the business

What can we do to change b ricks and mortar ( or clicks and bytes in the

future) into a safe and secure r etirement income?

We want M om and Dad to feel comfortable taking retirement without forcing

the next generation to pay out funds from the business that might be needed for

growth and expansion.

W hats needed is some prud ent asset diver sification starting today.


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Asset diversification

Minimize Investment Risk

Secure Your Retirement Income

Simplify Estate Equalization

Protect Assets

Set a Good Example

W hat do we mean by prudent asset diver sification?

W hat were going to try to do is give you some suggestions for:

minimizing investment risk

securing your retirement income

simpl ifying estate equalization between the chil dren

protecting assets and

setting a good example for the next generation


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Options: If we wait

Consulting fees or ongoing salary

Buy out funded by debt or business

Where does the money come from?

Leveraging your shares

Do you want to take on debt?

What happens if you wait, I.e. you don t p lan and take advantage of early diversi f ication?

That leaves us with these options:

Ongoing consulting fees

Can the business afford it whil e sti ll provid ing an income to your successors and

potentiall y to executives needed to replace you?

Buyout of your shares by the children who will take over. Y ou can ask your successor(s) to

pay any amount up to fair market value for your ownership interest. There are various ways

of structuring this. However:

W here will they get the cash or debt to make the payments?

A re you willing to put this strain on them and the business?

Leveraging your shares. Whether you hang on to your common shares or do an estate freeze

in exchange for fixed value preferred shares, you could go to the bank to see if you could

arrange a li ne of credit or loan of some sort. But

Do you want to acquire debt in retirement?

Will it be feasible? Wi ll you find a lender?

Will this erode the estate fo r family members who don t participate in the business?

So lets take a look at some of the options we have if we take action today. I n the case

of our case study family, this means they ar e in their forties.


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Salary CPP and RRSP

Bonus and invest

Company pension (IPP)

Retirement compensation arrangement (RCA)

Pre-funding buy out at retirement

Options: If we start today

Let s take a look at some ideas if we start today.

I f you aren t already, draw some salaryto finance CPP and RRSP

contributions

Bonus out corporate income in excess of the amount eligible for the small

business tax rate and invest the after-tax proceeds outside of the business

Contribute to a company pension - specif ical ly an individual pension plan (IPP)

only for you

Fund a Retirement compensation ar rangement (RCA) which is a trust governed

by specific rules under the Income Tax Act designed to hold retirement assets

targeted to specific employees

Pre-fund a buy-out at r etirement by your children.

L ets take a look at the salary option fir st


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Business

$37,600salary $ 5,000 OAS income

+

=$41,000 retirement income

Salary to create RRSP andCPP

Owner$ 9,000 CPP income$27,000 RRSP income

Lets take a look at the salary option first.

This will allow a CPP contribution and an RRSP contribution. We used $37,600 in our

example because this will maximize the CPP retirement benefit.

I f a 45 year old does this for 20 years, it wi ll cr eate roughly $9,000 of CPP r etirementincome at age 65.

Th is same $37,600 of salary income would allow the owner to contribute roughly $6,700

to an RR SP. Over a 20 year period, this could create enough capital to provide a j oint

life annuity paying r oughly $27,000 (1). Y ou could draw a higher salary to increase the

RRSP contribution. This is simply one example.

If we add the Old Age Security to the mix, this will provide another $5,000 of income.

Remember also that if total income exceeds $53,000, the OAS will be gradually clawed

back.

[Optional Comment] Note also that $41,000 of income in 20 years time is really only

$27,000 of i ncome in todays dollars if you assume an in fl ation rate of 2%. Not a king s

ransom!

(1) $6,700 for 20 years in advance at 8% in RRSP creates approximately $320,000 for transfer into a joint life annuity

with 60% paid to the surviving spouse after the death of the business owner provides roughly $27,000 per year of

income based on annuity rates in early 2000


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Bonus and invest after-taxreceipt

Owner

$100,000bonus

Business

Or

B. $50,000 loan back to business

A. $50,000 other investments

$50,000 personal tax

(Formerly Revenue Canada )

So what else can we do? Consider paying bonus income - let s assume the business

has taxable income in excess of the current $200,000 small business limit - say

$300,000.

We need to get below the $200,000 ceil ing so consider a bonus of $100,000. Of courseour friendly tax collector will take almost half, leaving about $50,000.

T his is money that can be used to build a pool of per sonal r etir ement capital.

Options for this include investing or lending back to the company as a shareholder loan.

Where the money is loaned back to the business, of course, we wi ll not have achieved

the same level of asset diversification as with the other options. The degree of safety of

this capital will depend upon the longer term performance of the business and where this

loan stands in comparison to other creditors.

Where the money is invested in personally held investments, the tax payable on the

investm ent income wi ll limi t i ts growth. These investments may also be subject to

creditors when personally held.


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(Individual) Pension Plan

Rules of Thumb

Owner/manager (or key exec.)

Over 53 years old

Base salary of $100,000+

A nother option that applies in some cases is the Individual Pension Plan or

I PP . I t s an option for an owner/manager or key executive who has a salary

of $100,000 and is in his/her early 50s.

It works in these cases because it allows more tax defer red $$ to be set aside

than an RRSP. A s a pension plan, it enjoys creditor protection.

However it is costly to set up and administer and is subject to all the

constraints of your provincial pension laws.

Because of their complexity, cost and limited applicability , IPPs arent a

comm on option.


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Retirement compensationarrangement

Pre-Retirement Years

RCATrust

Investments$50,000

Business

Contribution$100,000

Refundabletax $50,000

Y et another possib il it y i s a Retir ement Compensation Arrangements (RCA).

Using the same $100,000 available from my previous example, heres what

happens:

The business gets a $100,000 tax deduction for the contribution to the RCA trust

The trustee receives $100,000 and pays a refundable RCA tax equal to 50%

($50,000) of the contribution to Canada Customs and Revenue A gency (CCRA ).

The r emaining 50% ($50,000) can be invested by the trust.

Any taxable income earned by the trust on these investments is also subject to a

50% r efundable tax

W H EN SHOU LD YO U USE AN RCA?

The business has income in excess of $200,000

M aximum contributions have been made to registered plans (Pension,RRSP,DPSP)

Theres a desire to protect assets from creditors by moving them outside of the

business


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Retirement compensationarrangement

At Retirement

RCATrust

cash ininvestments

Income Paidto Retired

Owner

Refund ofrefundable

tax

At retirement, the tr ustee cashes in or leverages the investments to pay an income to the

beneficiary/retiree. For every two dollar s paid by the tr ust to the employee, one dollar

of refundable tax will be r efunded to the RCA t ru st. T his refund can also be flowed out

to the retiree.

A n RCA for a business owner i s really an alter native to bonusing this excess cor porate

income to the shareholder and investing the after- tax r emainder as we discussed earlier.

The main difference between the two strategies is that the tax paid by the RC A i s

refundable at some future date whereas the personal tax paid by the owner is not

refundable.

There are two main concerns with RCAs:

N o inter est is earned on the refundable tax which means it loses buying power whil e its

being held by CCRA

R C A s are complex and require pr ofessional advice to create and maintain in order to

avoid pitfalls in the T ax Act and Pension Benefits legislation.

F or these reasons, RCAs are infrequently used by private businesses and usually

only considered where the annual contribution will be at least $50-$100,000.


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2. F amily succession

This is often tops on the wish list for the leader of a family owned business.

However, when we put this desire under the microscope of financial secur ity

planning for the current owner, it raises a number of questions.

Lets assume there is an appr opr iate successor and the business family issues

have been adequately dealt with. What, then, are some of the concerns?

Wi ll your successors be forced into debt to finance your reti rement income?

Is it fair or financiall y viable to continue to take a salary from the business if

your efforts are scaled back or you are out of the picture entirely?

So, lets assume that you have not been able to accumulate sufficient retirement

capital outside of the business to meet your retirement income needs.

H eres a case study showing one strategy for accumulating capital within the

business to allow for a full or partial buyout by your successors.


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Family succession:a case study

Goals

Current situation

Identified issues

Potential solution

Recommended course of action

Goals

Create a secure source of r eti rement income

Transfer ownership to the next generation at retirement

Appropriate estate equalization fo r fami ly members not involved in the business

Current situationM ajority of wealth tied up in the business

M inimal salary being paid to owner and spouse

I ssues (gap)

RRSP and CPP/OAS will not provide the desir ed level of reti rement income

Assets are tied up in the business which is exposed to creditors and lawsuits

I nadequate asset diver sification (all the eggs are in one basket)

Gr owing capital gains tax pr oblem as business grows

Potential family issues down the road as we try to manage Mom and Dads reti rement

income, business succession and equitable treatment of chi ldren not involved in business

Potential solution

Put additional money aside over the next 20 years in order to

1.create an appropriate source of r etir ement capitaland

2. allow a smooth transfer of ownership and management of the business at retirement

Specific Recommendation

L ets take a look at our suggested course of action


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Today: Current Situation

Owner

Business

Commonshares$1,000,000

H ere is our client again. The father is the sole shar eholder of a business

worth roughly $1,000,000.

A decision was made to pay salaries sufficient to maximize eligibility forCanada Pension and make the maximum R R SP contributionsthis level

of salary wil l al low.

H owever , corp orate income in excess of that eligible for the small

business ra te threshold income increased fr om $200,000 to $300,000 per

2000 federal budgetis not sufficient to warrant the expense and risk of a

retirement compensation ar rangement.


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Today: Create Holdco

Business

Commonshares$1,000,000

OwnerBefore

The fi rst thing our business is going to do is to create a holding company. This

sets up a place to put money where it will be safe from creditors.

The owner wil l then transfer his shar es in the business to the holding company in

exchange for shar es in the holding company.

This can be done on a tax-fr ee basis.

T echnical Note on Creditor Pr otection:

If the business is sued or closed down by its creditors, the shares of the business wi l l

lose their value, but other assets in the holding company won t be af fected.


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Today: Create Holdco

Business

Common shares$1,000,000

Owner

Holdco


After

Our owner now owns $1,000,000 of common shares in Holdco which in turn owns

$1,000,000 of common shares in the Business.

We can now pay tax-fr ee dividends fr om the business to H oldco. H oldco can

invest these proceeds as it sees fit or loan them back to the Business.

We now have a vehicle in which we can start to implement our supplemental

retir ement savings and futur e succession stra tegy.

Other advantages of a holding company include:

I ncome splitting (today)

Creditor protection from business creditorsfor other assets in the

holding company

Estate freezing in the future

Extra Planning Point:

Our clients might also consider doing an estate fr eeze r ight now to give M om

some growth shares and utilize her capital gains deduction in the futur e.


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Today: Move assets up to Holdco

Business

Owner

Holdco

$30,000Dividend

or

B. $30,000 loan back to

business

A. $30,000 invested by Holdco

A s I mentioned, now that we have our holding company in place, it s time to start

moving money up into H oldco.

A s I al luded to earli er, i t s possible to pay the tax-paid surplus of the Business up to

Holdco as an intercorporate dividend with no tax payable by H oldco.

I f we use a $30,000 dividend as an example, the Business declares and pays the

$30,000 dividend up to Holdco. There is no tax payable on the $30,000. H oldco

then

I nvests this money or ,

L oans it back to the business, if the business needs it for working

capital purposes.


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Investment Objectives

Diversification

Asset protection

Allocation

Risk management(death/disability)

Assuming that H oldco is going to hang on to this money and invest it, the

question is invest in what? .

There are numerous viable options. By moving money outside the business into

alternative investments, we have begun to accomplish the following goals:

Accumulating retirement capital, and

Asset diver sification away from the business

Asset protection

Now we have to look at some other principles of investment, retirement

accumulation and f inancial security strategy:

Asset allocation.

Risk management (death and disabil it y)

Cr editor N ote I I

The holding company will not avoid creditors if the owner has signed personal

guarantees.


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Investment Options

Risk management

Life insurance

Combining the two

Exempt cash value life insurance

Asset allocation

Mutual and segregated funds

Individual stocks and bonds

So, we have a business owner who can now diversify away from his main source of

retirement capital - his business - a small cap investment,. There are several

options:

Asset allocation

If the business is considered to be on the higher end of the risk/return profile,the owner may want to al locate these dollars to relatively low risk investments.

A n appropriate selection of mutual or segregated funds, or individual stocks and

bondscan be selected to suit the owner s appetite for risk.

Risk M anagement

Of course, we can t forget the need to protect the business and the family against

the risk of the business owner not being able to run the business due to death or

illness. This is generally accompli shed with life, disability and cr itical illnessinsurance since these risks can t generall y be avoided or assumed.

Combining the two

While protection against death can be met with insurance that provides only a

death benefit (e.g. term , T -100 or U .L . with minimum deposits), there is an

opportunity to combine asset diversification and risk management with exempt

life insurance such as universal life.


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TermInsurance

SideFund

Taxexempt

line

Universal Life

Term insurance plus side fund

Universal life insurance is like buying term insurance and investing the r emainder

of the deposit in a side fund. Charges are deducted to pay for the insurance component

and admini strative costs. Any extra money is i nvested in the side fund.

The side fund can be invested in guaranteed accounts, or indexed accounts l inked to

various stock market or bond indices.

With universal li fe, the side fund can gr ow exempt from personal taxation. There

are limits to how much can be stored in th is side fund. This limi t is governed by the so-

called exempt test under the Income Tax Act.

There is no personal taxation on this side fund until such time as the money is

withdrawn from the pol icy. A t that time, some or al l of i t wi ll be taxable. However, if

the side fund remains in place until death, it is received tax-free as part of the death

benefit. In essence, death turns a tax-deferral into a permanent tax savings.

Flexibility

One of the major benefi ts of universal l if e is its fl exibil ity:

Deposits can be adjusted to cash flow variations of the business/business owner

The investment mix can be changed (GIA , index linked)

T ype and amount of insurance can be changedcontractually


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This fl exibi lit y allows universal li fe to meet changing needs over the li fe of the business

owner .

Personal - Estate creation (income replacement)

- Estate preservation (e.g capital gains tax on shares/other investments)

Business - K ey person protection (and potential supplemental executive compensation)- Buy-sell funding (at death and potentially at retirement)

Our client needs to provide capital at death to fund a buy-out of shares from the estate, and

needs to save supplemental capital for r eti rement - he chooses to do both using univer sal

life insurance. Im sure this must come as a great surprise to you!

Dividendswil l be paid to H oldco on a tax-free basis. These dividends will be used to make

deposits to a universal life policy. The excess over what is necessary to pay for the

insurance element of the poli cy wi ll be saved in the side fund. Well show you how this can

be used at reti rement momentarily.

The policy specifics are as follows:

$2,200,000 covera ge, universal life

Joint second to die on owner and spouse (both age 45)


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Annual deposits madeAnnual deposit is

Initial death benefitAssumed rate of return

Basic death benefit at age 65Cash value at age 65

Total death benefit at age 65

Selecting the amount todeposit

HigherDeposit

For 20 yrs$28,000

$2,200,0007%

$2,200,0001,058,000

$3,258,000

MinimumDeposit

Until death$8,060

$2,200,0007%

$2,200,00011,800

$2,211,800

Universal life allows you to ma ke a range of deposits. T hese can be the minimum needed

to keep the policy in force to as much as the I ncome T ax Act will allow.

Our business owner can buy $2,200,000 of life insurance for $8,060 per year. This is

the expected value of the business at retirement.This would create a minimal amount

of cash value by age 65 ($11,800 assuming a return of 7% ). The total death benefit

at age 65 would be $2,211,800.

A t the other end of the spectrum, Holdco could deposit $28,000 per y ear for 20 years

(until the owner is age 65). The death benefit would grow to $3,258,000 by age 65. I t

would also create a cash value (included in the death benefit ) of $1,058,000at age 65.

Our owner decides to deposit an amount of $28,000 per year (less than the

maximum of $60,000).

I ssue (discuss only if questioned):

Will insurance cash values cause the loss of the $500,000 capital gains deduction? This is

possible if the cash value (or whatever instrument Holdco invests in) grows to an amount that

equals the fair market value of the shares in the Business.

It would be prudent to crystallize enough capital gain to use the $500,000 capital gains

deduction if this was likely to be the case.


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Age 65: Estate Freeze


OwnerBefore

Business

Holdco


CSV$1,058,000

So, what have we accomplished so far?

1. A t age 45, we created a holding company to own the shares of the

business.

2. From age 45 to 65, we paid tax-free dividends from the business up to

H oldco which H oldco has invested in univer sal life insurance

Now, our owner is 65. I t is evident that one child will be the successor. The

other is not involvedin the business.

H oldco now has a value of $3,258,000 based on its two pr incipal assets:

The business, which now has a value of $2,200,000

The insurance policy cash value of $1,058,000

[Click to implement the estate freeze]


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Age 65: Estate Freeze

After SuccessorCommonshares

$ 0

Business

Holdco


CSV$1,058,000

OwnerA Pref.Shares

$2,200,000

B Pref.Shares

$1,058,000

We create two classes of special pr eferred shar es

The Preference A shares have a total redemption value of $2,200,000

(the value of the business).

The Preference B shares have a total redemption value of $1,058,000

(the cash value of the life insurance).

T hen, the owner t rades all of his common shar es, on a tax-fr ee basis, for

these new p reference shares.

H oldco then issues new common shar es, which have no value, to the

successor child.


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Annual redemption of preference A shares

Total retirement income

51,000

$87,000

Retirement income summary

CPP

RRSP (annuity)

Income created by salary

OAS (net of claw-back)

Total income (Govt and RRSP)

$ 9,000

27,000

36,000

0

36,000

So, here s the final analysis on our business owners retirement income.

The $37,600 of annual salary has cr eatedretirement income of $36,000. This is

comprised of the Canada Pension Plan of $9,000 and a life annuity from theRRSP

of $27,000.

T he O ld Age Security would be clawed back. T herefore, the total income from

government and RRSP sources will be this same $36,000.

I f we add the proceeds from the redemption of shares, now weve got total

retirement income for our owner of $87,000.

Planning Note

Remember that $87,000 in year 2020 dollarswould r epresent $59,000 in todays

dollars, again using an assumed inflation rate of 2%


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Age 85: assumed date of death

Pref A shares redeemed age 65-84 (1) $1,020,000

(1) $51,000 per year for 20 years

Pref A Shares redeemed at age 85 (death) $1,180,000

(2) $Roughly $200,000 of death proceeds left over

Total shares redeemed (2) $3,258,000

Value of Owners preference shares $3,258,000

Pref B Shares redeemed at age 85 (death) $1,058,000

Assuming the last death is at age 85, the total death pr oceeds would be

$2,440,000. This number would be much higher but for the fact that we

withdrew over $1,800,000 from the policy over the last 20 years (which boiled

down to $1,020,000 after paying tax on the insurance policy withdrawals)

T he $2,440,000 can be used to to redeem the remainder of the Pr eference A

shar es and Pr eference B shar es. These redemption proceeds can be used to

equalize the estate to the other child and/or to cover other estate costs or bequests.


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What has been accomplished?

Asset protection (assets moved to Holdco)

Future retirement capital enhanced

Funding in place for buy out at death

Business passed (virtually) unencumbered

Non-active children looked after

So, what have we accomplished?

By moving dividends up to H oldco and investing them

Created immediate asset protection by moving money out of the business into the

holding company

Created an immediate, and hopefully growing fund that wil l be avail able to provide a

source of retirement income for M om and Dad.

By choosingLife insurance

Created a contingent fund that could be used by successors in the event of the

prematur e death of the owner to purchase the business and simultaneously to

provide an equitable estate to the other chi ldren.

Used the cash value of the insurance poli cy to

partially buy out the owner during his retirement yearsandpurchase therest of the shares at death with the tax-free death proceeds.

The net result wil l be retirement income to the current owners, the abilit y to pass

on the business to family successorsunencumbered and to appropriately look after

family members who are not involved in the business.


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Permutations and Combinations

Myriad scenarios

Need to plan now

Need to involve the relevant advisors

Unlocking business value may be the key

W eve ju st laid out one strategy for meeting the dual needs of business succession

and financial security for the business owner.

Needless to say, ther e are myr iad scenar ios for accompl ishing this, each as

unique as the business and business family involved.

The most impor tant messages I hope you wil l take away:

Start planning and act now. I f we wait until near retirement, our options for smooth

business succession and financial security in retirement will generally be much more

limited.

I nvolve competent advisorsand insist that they work together as a team.

Succession and retirement strategies for the business owner often involve thesimultaneous input of tax, legal, financial planning and other special ists.


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Unlocking the Valueof the Business

Financial exit strategiesfor the business owner

Consider again this proposition:

The key to a secure retirement and smooth business succession may be the

owner s ability to implement a strategy to unlock the value of his business at

retirement.

Please take a minute to complete the evaluation sheet and return it to us.

Y our comments wi l l be used to ref ine and improve this presentation.

Thank you for coming.

[I f appropriate] Please drop by our b ooth where we have some additional

information on succession planning.

Finall y I d l ike to encourage you to meet with one of our independent

producers/brokers who specialize in working with business owners and their

advisors. Together you can f ind the most suitable method to Unlock the

Value of Your Business.


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T h a n k Y o u !

Sun Life Financial - Unlocking the Value in a Business

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