Succession Planning

WARNING: Passing Your Business to a Family Member or Associate Can Be a Risky Proposition.

7 out of 10 family owned businesses will not survive the transfer of the business from one generation to another. Lack of succession planning and discomfort discussing topics such as aging, death, and financial affairs will more often than not result in loss of a business due to estate taxes, family discord, or some combination thereof.

We’re a completely remote firm serving clients nationwide, with direct service in Roseville and surrounding areas including Citrus Heights, Folsom, Rocklin, Sacramento, West Sacramento and other cities in the respective counties.

If you want to assure that the business you worked so hard to build will be there to support future generations, you must clarify your plans for succession and finalize, as well as legalize your priorities.

Get professional succession planning advice for dealing with these key issues and more…

What will happen to your business?

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Do you wish to keep it in the family, sell it to a third party or pass it on in some other manner?

We can help you weigh the advantages and disadvantages of each of your options, as well as help you determine how the business can best provide for you as you enter your retirement years.

How can you minimize the tax burden upon transfer?

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When businesses transfer ownership, taxes are a reality regardless of the relationship between the parties. Review your options with a succession planning expert in the field in order to make the decisions that will best support your family members and the business.

If you are not running the business, who is?

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Ownership of the business and management of the business are often two distinctly separate entities.

How will your retirement or death affect the day-to-day decision making of how the business is run?

Will your children take active roles in the running the business, or will they exist as owners only?

Clarifying your expectations in legal terms and making these decisions in advance will help ease the transition of ownership, as well as management, without further risk of detriment to the business as a whole.

Remember that inherited assets, such as family businesses, are often the cause of tremendous emotional strain and stress for individual family members. It is best to address any actions that might be seen as fair or unfair ahead of time, so that family members know what to expect and why you are making the decisions that you are making.

They may not realize, for instance, that the tax implications of inheriting a business might be more burden than they could financially handle or that decisions involving management vs. ownership have been taken into account.

Contact us about our Succession Planning Services to determine the value of your business, before restructuring your business, to review the tax consequences and tax projections of your actions, and to help you plan for retirement.

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