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 because more than seven out of ten family-owned businesses have no succession plan. Transitioning control of your company, family feeling the prey either to estate taxes or possibly even estate loss.

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

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? If you are going to keep it in the family, you need to begin identifying and training a successor.

• Who’s going to run the business when you’re gone? Management and ownership are not one and the same. You may determine that the best person to run the business isn’t a family member. You might provide ownership to family members including your children, but not be involved with the business.

• Minimizing the Tax Bite: A major concern of transitioning a family business can be taxes. Like all Federal tax laws, those applicable to business asset inheritance are also difficult, best to understand when these tax implications now. For one reason a family business succession plan should be in place.

• The family dynamic also complicates the whole transition because of the relationships and emotions involved. Most people are not comfortable discussing the topics like aging, death, and financial affairs.

There are four issues to think about. We talk with you about, and to help you answer those critical questions.

We Help You With:

• Business Valuation
• Business Restructuring
• Tax Projections
• Retirement Projections
• Tax Projections

Let us help you pass on what’s taken a lifetime to build by requesting a meeting with us today.