One of the most challenging elements of business ownership is firing an employee. Unfortunately, as many business owners discover to their detriment, firing an employee can also have serious financial consequences. Employees, particularly those with significant service time, may be entitled to: - advance notice of termination, - or severance in lieu of advance notice, Severance can be well in excess of the minimum amounts set out in the Employment Standards Act. For employee

1. BUSINESS VALUE When considering whether or not to buy out a business, the most important thing to do is to find out what the business is worth, to determine if a potential purchase or addition will be worthwhile to pursue. Many business owners, brokers, accountants will have rough rules of thumb to valuation as a first test but it is imperative to outsource a proper business valuation to an independent business valuation firm. This is because a good business valuation prof