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Succession Planning

If you own a closely-held business, retirement isn't simply a matter of deciding not to go into the office anymore. There are critical questions to consider, such as...

"What happens to the business when I'm no longer running it?" and

"Will I have enough money to retire?"

The closely-held business dynamic complicates the transition because of the relationships and emotions involved. Most people are not comfortable discussing topics such as aging, mortality and financial affairs.

Comfortable or not, succession planning should be a priority for any family business considering that more than seven out of ten closely-held businesses fail to survive the transition from founder to second generation.

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

We help you with these key issues...

  • Keeping it in the "family." Are you going to pass the business on internally 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 individual transfer/sell but equal shares of business ownership to multiple investors, whether they're actively involved in the business or not.

  • Minimizing the tax bite. The tax burden when transitioning a closely-held business to family 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 with respect to closely-held businesses 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 are getting an equitable and fair share.

What we do for you...

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

  1. Business Valuation.

  2. Business Restructuring.

  3. Tax Consequences.

  4. Retirement Projections.

  5. Tax Projections.


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