The fishing sector is unique, as are your financial planning needs. At Dawson & Associates, located in St. John's and Bay Roberts, NL, we recognize the realities you face in operating your fishing enterprise, which may include:
1) A significant upfront capital investment
2) Careful planning and cash flow structure
3) Planning for succession while keeping the business within the family
4) Leveraging tax planning opportunities and benefits
5) Planning for retirement when income comes from multiple sources
Specialized support and financial advice for fishers
Our primary areas of focus are in cashflow management, succession planning, and preparing for sale or acquisition of licenses.
Cashflow management
Incorporated fishing enterprises and fishers in a sole proprietorship have distinct cash flow needs that change over time. As well, your cash flow through the seasons and through the years may ebb and flow based on factors you can’t control.
Succession planning
Succession planning is a process that takes place over a long period of time, not just a one-time event that is carried out quickly. In reality, succession can involve transferring many different elements of your fishing business – from your knowledge and skills, your labour, the management of the business, and business control and ownership – from one generation to another, or from one owner to another.
Preparing for the sale/acquisition of licenses
There are a many factors to consider when preparing for the sale or acquisition of licenses. The key considerations are the tax liabilities from the sale of individual licenses or the full enterprise. It is essential that proper tax planning occurs to ensure you receive the maximum benefit from the sale.
We’d love to discuss your complex needs as a fisher and how we can offer a great solution.