Employer and Employee Considerations When Purchasing a Business in Canada

Deciding whether to start or purchase a business in Canada (and in which industry) is likely one of the most important decisions you will ever make. Below is a list of questions to ask and issues to consider regarding any employer and employee relationhips.

  1. Who are the key employees of the business? Do you require their services post closing
  2. Can you successfully transfer the vendor's employees without losing value in the relationship (and the business)? If not, what can you do to minimize any negative consequences that will arise due to the business losing them?
  3. How do you plan to eliminate employees that do not meet your requirements? How do you maintain the balance between employees you want to keep and those you want to terminate without diminishing value from the business?
  4. Is there a union involved?
  5. Are the employees' compensation arrangements and Canadian government withholdings up-to-date and is their compensation in line with industry standards?

Brooks Barristers & Solicitors is a boutique business law firm located in Toronto, Ontario specializing in serving the needs of entrepreneurs, privately-owned Canadian businesses and their principals.

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A great way to start your search for a local Canadian Business lawyer is at Canadian-Lawyers.ca. Go to the 'Find a Lawyer' search box that appears on the right hand side of this screen to start your lawyer search. Type in the area of law you are looking for or the name of the law firm, the city and the province that you are looking to hire a lawyer from, and click on the 'Search Now' button. This will generate a list of local Canadian Business lawyers.

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