If you own a family business, retirement isn’t 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’re no longer running it?”
And, “Will you have enough money to retire?”
The family dynamics complicates the entire transaction 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 business fail to survive the transition from founder to second generation, typically 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 will help you with these key issues:
· Keeping it in the family
· Who’s going to run the business when you’re gone?
· Minimizing the tax bite
· Making it fair
What we do for you:
Once we understand how you feel about the key issues above, we begin constructing your succession plan by focusing on these 5 issues:
1. Business Valuation
2. Business Restructuring
3. Tax Consequences
4. Retirement Projections
5. Tax Projections
Let us help you pass on what’s taken a lifetime to build by requesting a consultation!