The more money in a family, the more problems that can arise when it comes time to pass the estate or business on to the next generation. It doesn’t have to be that way, of course, but as we’ve seen in countless anecdotes and even our own client engagements, wealthy families have a tendency to […]
If there’s one letter that entrepreneurs dread receiving in the mail, it’s the one from the Canada Revenue Agency informing them that their business or personal returns are the subject of a tax audit. Audits can take weeks, months, even years to complete in extreme cases, and can be emotionally and financially draining for business […]
Family-owned businesses are a key driving force behind the success of the Canadian economy. As an accounting firm that works almost exclusively with entrepreneurs, we see this widespread reality playing out almost every day. Indeed, we’ve worked with dozens of family-run corporations, many in their second or third generations, that have enjoyed sustained financial success […]
If there’s one truism for entrepreneurs, it’s that no two years are ever the same. Whether they’re focused on growing their business or managing the myriad number of challenges that can make it difficult to achieve success—think everything from satisfying client expectations to managing costly HR issues—owners of small and medium-sized businesses have no shortage […]
Whether you operate a brand-new start-up or a business that’s been in existence for many years, if you need financing, banks and other financial institutions will require some standard information before cutting you a cheque. All too often, entrepreneurs are caught off guard when asked to provide this documentation. The type of credit you need–such […]
Welcome to our new Ask the Accountant series, where our clients and readers pose accounting, finance and business management questions to KRP partners Hartley Cohen and George Grignano. Have a question you’d like answered? Email us now and we’ll put your query in the queue. Q: Thanks to a handful of new clients, the management consulting company that […]
A successful, lucrative exit—it’s the dream of so many entrepreneurs who envision building their business and one day selling to the highest bidder. While others may recoil at the thought of selling their ‘baby,’ the vast majority of the entrepreneurs that I’ve worked with in my career would leap at the chance to exit their […]
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