An approaching retirement may bring elation and a proud sense of accomplishment. For a small business owner, it may also bring with it a few critical questions that demand attention…

What happens to the business when you’re no longer running it? and Will you have enough money to retire?

…are two such questions.

A family dynamic may introduce further tension into the equation as relationships and emotions become inevitable. Among relatives, discussions of aging, death, change, or financial affairs often prove difficult.

Successful transitions require more than luck

Strong succession planning should be a priority regardless of who is involved in a business. In this time of transition a business becomes tender and fragile. A well-designed succession plan enforces a solid foundation and may provide a safe passage into a business’ next generation.

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? 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. The distinctions between management and ownership are explicit and a clear understanding is vital.
  • Minimizing the tax bite. The tax burden when transitioning a family business can be significant. The challenge comes in 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 significant stress to individual family members. It is important to us to be fair and diplomatic with everyone, providing open communication and full disclosure to ensure that everyone involved receives a just and equitable share.

What we do for you

Knowing you and your business is the first step. Once we understand what’s important to you, we can begin to develop a succession plan that emphasizes these 5 issues along with your needs…

  1. Business Valuation
  2. Business Restructuring
  3. Tax Consequences
  4. Retirement Projections
  5. Tax Projections

What we do for you

Let us help you pass the torch by requesting a free consultation below.