Getting Started

You know your business best. That's why the first thing Yvonne will do is listen to what you have to say about your operation and what you're hoping to achieve. After an initial discussion, an on-site meeting is the usual next step. It gives Yvonne a chance to meet you and see your operation first hand.

Throughout the consultative process, Yvonne will be in close contact, keeping you apprised of progress and getting your input as needed.

Because of this collaborative approach, you can be sure that the information Yvonne will provide is relevant to your business -- information you can really use.

The real benefit of planning is the understanding it gives you about your operation. This pays off time and time again in your ability to make better decisions.


Common information you will need to gather
(click here for print-friendly checklists)

1) Business Planning

If you already own a business, you will need:

  • financial statements for at least the past three years (including balance sheet, income statement, and statement of cash flow position, if available)
  • production data (# of units sold) for the same three years
  • details of current operations -- business structure, human resources, marketing, production
  • list of assets owned by the business and fair market value of each
  • list of all debts, including accounts payable (over 30 days) with details on interest rates, principal owing, payment structure, securities held and arrears (if any)
  • identified goals -- personal, business and family
  • specifics on future plans -- marketing, financial, production, human resources
  • if future plans include capital investment or projects -- cost estimates from reliable sources
  • annual income needed for family living and all sources of funds

If you are interested in starting a business:

Decide what type of business operation you want to establish and collect as much of the following information as possible:

  • list of capital costs required to establish business
  • operating costs
  • production information
  • target market, demand
  • human resources skills required
  • list of current assets and debts
  • goals (business, personal and family)
  • family living needs
  • time frame for establishing business
  • preferred business location

2) Succession Planning
What you need to get started:
  • financial data for the last 3 years (balance sheets and income statements)
  • production data (# of units sold annually) for the same three years
  • list of current assets of the business, and current market value
  • list of current debts of the business
  • how much money the current operators need/want from the business for retirement
  • list of personal investments/assets outside the business
  • other sources of future income
  • timeline for business transfer of:
    • labour
    • management
    • ownership
  • immediate money needs upon retirement for:
    • a house
    • a vehicle
  • thoughts or ideas on how to treat all children (successors and non-successors)

Yvonne can not only guide clients through financial issues of succession planning, but more importantly, she's able to listen, and lead discussion on the family dynamics—to work out the goals and expectations of each family member.
— Gregory K. Miller, CPA, CA, Partner, AC Bishop & Company Chartered Accountants Inc.

©2010 Thyagrissen Consultingwww.thyagrissenconsulting.ca35 Talon Court, Bible Hill, Nova Scotia, Canada902.895.1414