In this episode, Leah Tolton shares insights on business governance and ownership transitions for family enterprises. We explore the importance of flexibility in shareholder agreements, setting clear expectations around participation to prevent disputes, formalizing information flow as more households get involved, and not letting perfect planning delay progress. Hear Leah's perspective on navigating fair vs equal dynamics, protecting assets in marriages, and bridging generational risk profiles.

How can transitioning from first to third-generation ownership be smooth? Leah offers examples of family and ownership meetings to align on goals. We also discuss prenuptial agreements, estate freezes, and special shares to balance liquidity needs across generations invested in the business.

About Leah Tolton

Leah has practiced corporate law for 30 years, with extensive experience advising family-owned businesses, lending clients, and real estate clients on a broad range of matters including business agreements, tax planning, equipment leasing, mergers and acquisitions, real estate joint ventures, business structuring, and reorganizations. Her practice emphasizes serving ultra-high-net-worth families and their companies across critical areas such as corporate governance, succession planning, reorganizations, strategic planning, risk management, and navigating mergers, acquisitions, and sales transactions.

Additionally, Leah negotiates and drafts commercial contracts advises on private financing and syndicated lending arrangements, earned the Family Enterprise Advisor designation in 2023, and sits on the Board of Advisors of the Alberta Business Family Institute. This wide-ranging expertise and dedication to serving family enterprises equips Leah to provide tailored legal advice and counsel to family businesses seeking to establish continuity across generations.

Resources discussed in this episode:

• Beyond Succession Podcast 

Contact Cory Gagnon | Beacon Family Office at Assante Financial Management Ltd.

• Website: BeaconFamilyOffice.com
• LinkedIn: Cory Gagnon
• LinkedIn: Beacon Family Office
• Email: [email protected]

Contact Leah Tolton | Partner at Bennett Jones: 

• Website: bennettjones.com/ToltonLeah
• LinkedIn: Leah Tolton
• Phone Number: (780) 917-4272 
• Email:[email protected]