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 issues...
-
Business Valuation
-
Business Restructuring
-
Tax Consequences
-
Retirement Projections
- Tax Projections
Let us help you pass on what's taken a lifetime to build
by contacting us.
