“Any financial advisor who is serving business owners needs to ask the right questions,” says Mark Brisley, regional vice president of retail markets at Standard Life Assurance Co. of Canada in Toronto.

Standard Life’s Business Markets program, which Brisley helped to develop, is designed to help advisors better serve clients who own businesses. The program includes a list of questions advisors can ask to help them identify planning opportunities.

Here are some key questions:



> What Type Of Business Are You Operating?


“Once we know what business the client is in, we need to know whether it is a partnership or a corporation, a holding company or a public company, because there are tax planning consequences,” Brisley says. It’s also important to know whether family members are employees or shareholders in the business.



> How Long Do You Plan To Keep The Business?


Some have a very definite answer, such as “Five to 10 years, then I’m passing it on to my son,” according to Brisley. The other common answer is: “I never thought of that!”



> Have You Done Any Succession Planning?


“We ask this question very early in the fact-finding process,” Brisley says. “If we don’t get any response, then we know exactly where we have to start, which is Ground Zero.”



> What Do You Foresee Happening With The Business If You Retire, Experience An Unresolvable Disagreement With A Business Partner Or Experience A Significant Health Event Such As Death Or Disability?


“We use the word ‘foresee’ because we want to get a feeling of what they’re thinking rather than just the factual aspect,” Brisley says.



More specific questions about taxation, the value of the business, growth rates and retained earnings generally follow these first critical questions, Brisley says.

— GRANT MCINTYRE