If you own a 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?
- Will you have enough money to retire?
If there are family members involved, this can complicate 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 closely-held business. 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:
- 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’re gone? Management and ownership are not one and the same. You may decide to transfer management of your business to a targeted management team, or one or more of your children. But it may mean identifying a third party with the management skills in place to maximize the potential value of your business.
- Maximizing After-Tax Value. The tax burden when transitioning a family business can be significant. Careful planning is required to ensure that the after-tax value of your business is maximized.
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 issues:
- Maximizing the Value of Your Business
- Business Restructuring
- Tax Planning
- Retirement Planning
We have created a helpful eBook that provides further guidance about “Mapping Your Business Transition.”