3 Steps Every Business Owner Should Take to Secure and Grow Their Wealth
Running a business is exciting - but it also comes with uncertainty. Every decision you make affects your company, your family, your employees, and your long-term financial future. The right planning doesn’t just mitigate risk - it positions you to move boldly and confidently.
Here are three essential steps every high-performing business owner should take to protect their wealth, grow it efficiently, and secure their legacy.
1. Protect Your Business Before Life Forces You To
Imagine the impact if a key employee became ill, an unexpected accident occurred, or an unforeseen event disrupted operations. The business you’ve built - and the personal wealth tied to it - could be at risk.
Corporate Life Insurance
Provides liquidity at death for shareholder buyouts or to cover tax liabilities.
Delivers a tax-free death benefit to the corporation.
Allows access to the Capital Dividend Account (CDA).
In addition to corporate life insurance, Critical Illness (CI) coverage and Disability Insurance play a vital role in protecting your business and personal wealth. CI provides financial support during serious medical events not covered by life or disability insurance, while disability coverage helps replace income if you or a key employee cannot work.
With the right protection in place, you can make bold business decisions knowing your foundation is secure. Your company, your family, and your wealth are protected - no exceptions.
2. Grow Wealth Strategically with an Individual Pension Plan (IPP)
Many business owners work tirelessly but leave opportunities on the table. An IPP is designed for high-earning business owners seeking strategic, efficient growth.
Higher contribution limits: Save more each year than a traditional RRSP allows, building a substantially larger pension fund over time.
Seamless succession: Ensure retirement benefits continue uninterrupted as your business evolves, simplifying long-term planning.
Tax advantages: Company contributions are deductible, and investment growth compounds tax-sheltered for maximum efficiency.
Leveraging an IPP transforms today’s hard work into a secure financial future, letting your business success create lasting personal wealth.
3. Secure Your Legacy Before It’s Too Late
Every business owner dreams of leaving a lasting impact - but without a plan, even the most successful businesses can falter. Ask yourself:
Have you identified a potential successor?
Do you have an exit strategy - family transition, management buyout, or third-party sale?
Is your business sale-ready, with proper valuation and documentation?
Have you considered the legal and financial considerations of your plan?
Succession planning ensures your business continues to benefit your family, employees, and stakeholders. Thinking through these questions now protects your legacy and ensures your vision lives on.
Take Action Today
Running a business without a plan puts everything you’ve built at risk. Protecting your business, growing wealth efficiently with tools like an IPP, and planning for succession aren’t optional - they’re essential for serious business owners who refuse to settle for anything less than lasting success.
Working with a wealth advisor who understands the unique challenges of business ownership ensures your strategy matches the ambition of your business. With the right guidance, uncertainty becomes confidence, and hard work becomes measurable, lasting wealth.
Book a consultation today and secure the future you’ve built.
Source: Michelene Varas, Building, Protecting, and Transitioning Wealth: A Canadian Entrepreneur’s Playbook
Disclaimer: This blog is for general informational purposes only. It does not constitute personalized financial, legal, or tax advice. Consult qualified advisors regarding your individual circumstances before making financial or business decisions.