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 considering that 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.
Our Succession Planning Service Includes:
Weighing the advantages/disadvantages to keeping it in the family or selling to a third party,
Deciding who will run the business when you take a step back,
Minimizing the tax bite,
Making it fair by talking with each family member involved,
Providing Business Valuation,
Restructuring the business, if necessary,
Outlining tax consequences of options,
Projecting retirement timeline,
Projecting tax payments.
Book a meeting today to develop and implement a well-designed succession plan because it's essential to the survival of a family business from one generation to the next.