business culture (20%)
local suppliers (19%)
exchange rate (16%)
These challenges are in addition to the more general struggles that family businesses report facing:
Cash flow (10%)
To overcome these challenges, family businesses should seek assistance from a trusted advisor with subject matter expertise. An expert who can provide business and financial knowledge to fill in the gaps and guide the company into the next phase of growth.
As both a professional service firm and a family run business, Zeifmans is uniquely positioned to set our clients up for success. We’re personally familiar with the landscape of family operated businesses. We understand the needs of both the current and next generation. We know that effective strategy begins with an understanding of history, and is sustained by an innovative gaze into the future.
How does Zeifmans help? Let’s take a closer look.
Zeifmans services stretch beyond accounting to perform a breadth of advisory and strategic development functions. Our goal is to help our clients achieve new business growth and improve profitability, and to accomplish this end we prioritize communication and innovation. We seek to honour the vision of earlier generations while also creating new strategies to push the next generation ahead into a new phase of success.
As family businesses grow and change, there comes a need for a more structured governance framework. As the business changes hands, the younger generation needs to be prepared to meet the needs of the family and the business. Conventional thinking needs to be challenged, as new perspectives often lead to tangible solutions.
To this end, our team can assist in a number of different areas:
Laurence W. Zeifman
CPA, CA, Partner
CPA, CA, CPA (Illinois), Partner
CPA, CA, CBV, Partner President, Springbank Capital Corp.
CPA, CA, Partner
CPA, CA, Senior Manager
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A couple selling family farm to fund retirement and saves on capital gains
Problem: A couple owned a family farm close to Toronto, with a value of $2 million, wanted to sell the property to fund their retirement but were fearful of a hefty tax bill.
Idea: Tax filings from the 1970’s and 1980’s allowed us to determine that the farm was eligible for capital gain exemption, even though it was not currently the primary source of income.
Impact: Our client saved $475,000 in taxes allowing them to stay on track for their retirement plans.
Estate Trustee During Litigation corrects decades-long fraud
Problem: A prominent estate had been fraudulently depleted of millions of dollars by the formally appointed trustee.
Idea: Zeifmans’ Estate Trustee During Litigation (EDTL) analyzed the web of corporate holdings and missing tax returns to forensically trace the transactions.
Impact: A summary judgement was made in the amount of $3,733,455.20 and the original trustee was sentenced to jail time.