All About Estates
By Sébastien Desmarais
March 10th, 2026
Family Business Succession: How entrepreneurs can plan for future generational transitions by implementing a corporation governance framework.
Ultimately, the success of the family business succession plan will depend on the family’s leadership, acceptance of changing the business culture (notably, control) and the willingness to adapt to new realities.
Successful entrepreneurs often view the family business as the crown jewel to their legacy for the next generation(s). As such, succession planning for the family business and preserving the family’s wealth is always a top priority and often encompasses tax and estate planning. Implementing a succession plan that will ensure the continuation of the family business while preserving the family’s wealth can be challenging for professional advisors who are assisting successful entrepreneurs.
For many professional advisors, tax and estate planning is often prioritized, for good reasons. For example, an estate freeze is frequently the “go-to strategy” as it is an established strategy recognized by the Canada Revenue Agency (that is, when implemented properly).
Although an estate freeze may provide a roadmap for a transfer to the second generation, it often fails to address future transitions to the third and fourth generations. This begs the question as to how entrepreneurs can plan for future generational transitions today. This can generally be addressed by implementing a corporation governance framework.
