Will Your Business Last After You Stop Running It?
If you've invested years,time, energy, and hope into a business, you most likely want to see it last after you decide to retire. For family businesses, especially, succession planning can be a difficult process.
Seven out of ten family-owned businesses fail due to poor succession planning. We want yours to last.
Our team of experts will work with you so that your business, and its legacy, can endure.
What Are the Key Issues You Can Expect to Confront With Succession Planning?
Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these
Who's going to run the business when you're gone? Management and ownership are
not one and the same. You may decide to transfer management of your business to just one of your children but transfer
equal shares of business ownership to all your children, whether they're actively involved in the business or
Minimizing the tax bite. The tax burden when transitioning a family business can
be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due
when ownership is transferred.
- Making it fair. Transferring family ownership often adds a tremendous amount of stress to
individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable
and fair share of the pie.
What we do for you
Once we understand how you feel about the key issues above, we begin constructing your succession plan
focusing on these 5 issues...
- Tax Projections