If you own a family business, retirement is not simply a matter of deciding not to go into the office anymore. You have some critical questions to answer like...

"What happens to the business when you are no longer running it?" and

"Will you have enough money to retire?"

The family dynamic also 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, even with loved ones.

Comfortable or not, succession planning should be a top 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 to either estate taxes, 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 and for many more to come.

We can 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 is going to run the business when you are 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 are actively involved in the business or not.

  • Minimizing the tax implications. 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 can work with your whole family to ensure everyone is happy with the succession plan you develop.

What we do for you...

Once we understand how you feel about the key issues above, we can help you begin to construct your succession plan by focusing on these issues:

  • Business Valuation

  • Business Restructuring

  • Tax Consequences

  • Retirement Projections

  • Tax Projections

Let us help you pass on what has taken a lifetime to build by requesting a Free Consultation below.

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