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...
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.
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 -
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...
we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these 5 issues...