How Does Coronavirus Effect My Family Business Enterprise?

Family Business Enterprise

Family Business Enterprise

There are very few businesses that are not negatively impacted by the Coronavirus worldwide pandemic. With this uncertain time comes economic fear. We are here to help you navigate this chaotic period with “Family Business Survival Planning”.

Clients are asking us “How to survive and operate my family business during the Coronavirus Pandemic” and “What are my options and opportunities”

Can I just stop paying my rent?

I don’t suggest stopping payments without talking to your landlord first. Most landlords will settle for a temporary reduction. We can help formalize and negotiate your new understanding with your landlord and help explain the impacts of non-payment.

Are there tax benefits that I can take advantage of as a business?

Most definitely. The landscape is changing on a daily basis and we are keeping abreast of the situation. Federal and Provincial opportunities exist and we are compiling and updating a list of programs on a daily basis. We can help you obtain much-needed relief in the short run to reduce the burden on your cash flow. That may be in the form of direct relief, deferral of tax payments, changed filing deadlines and the like.

Can I just fire all or most of my employees?

The simple answer is that employees can always be let go without cause for the price of payment in lieu of notice. We can help you find alternative solutions to save you money and help your employees through what will be a tough time for them too.

Can I defer other bills?

Depending on the bill, there are programs already in place to help eliminate, reduce or defer payment. Let us help you find money-saving opportunities.

What if I am the one who is self-isolated or hospitalized?

If you have not done so already, you should consider our Business Succession Emergency Continuity Plan. Even if you have done traditional succession and business planning, many do not account for a global pandemic like the one we are experiencing. Please see the description below of what we are offering.

Family Owned Business

I work in a family business owned by my parents. Should I be worried?

Of course, you should be. While we are not in the business of fear-mongering, there are some realities that we are all facing. The bulk of small businesses and the related wealth is in the hands of baby boomers. Those boomers are amongst the most prone to the worst effects or even death from the Coronavirus. Depending on what your parents have planned, their problems may become yours! Are you ready for that? Do you even know what to do? Our Business Succession Emergency Continuity plan may be exactly what you need.

To Get more information call us or fill out the form below.

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    Mitchell Singer

    Mitchell is an Associate Lawyer in Hummingbird LLP’s new Family Business Enterprise group with a focus on assisting clients with a wide range of family and business issues, including Tax and Estate Planning, Shareholders’ agreements, re-organizations, family business succession, Wills and Estates, corporate and commercial law and other matters relating to the operation and succession of privately owned businesses.

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