Succession Planning

Succession Planning for Family Businesses

What happens to the business when you’re no longer running it?  Will you have enough money to retire?

If you own a family business, retirement isn’t simply a matter of deciding not to go into the office anymore.  The family dynamic complicates the transition because of the relationships and emotions involved.  Comfortable or not, succession planning should be a priority.  

Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next.

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’s 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 ownership equally among your children.

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 due when the business is transferred.

Making it fair.  Transferring family ownership often adds a tremendous amount of stress to individual family members.  We talk with each family member to ensure that they feel they are getting an equitable and fair share of the pie.

Once we understand how you feel about the key issues above, we work with you to construct your succession plan focusing on these 5 issues. . .

  • Business valuation
  • Business restructuring
  • Tax Consequences
  • Retirement Projections
  • Tax Projections


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