If you own a family business, retirement isn't simply
a matter of deciding not to go into the office anymore. You've got some
critical questions to answer like...
"What happens to the business when you're no
longer running it?" and
"Will you have enough money to retire?"
The family dynamic complicates the whole transition
because of the relationships and emotions involved. Most people are not
comfortable discussing topics such as aging, death, and financial affairs.
Comfortable or not, succession planning should be a
priority for any family business considering that more than seven out of ten
family-owned businesses fail to survive the transition from founder to
second generation, typically falling prey either to estate taxes or family
discord - or both.
Developing and implementing a well-designed succession
plan is essential to the survival of a family business from one generation
to the next.
We help you with these key issues -
- 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 options.
- 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 not.
- 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
- Business Valuation
- Business Restructuring
- Tax Consequences
- Retirement Projections
- Tax Projections
Let us help you pass on what's taken a lifetime to
build by requesting a Free Consultation below.
Questions or Comments:
Contact page us here