"I know from personal experience, the commitment and care that goes into closely held family businesses. That's another reason why we work so hard to ensure that our clients vision becomes reality."
-Michael Neimat
FAMILY BUSINESSES
Closely held, family-owned businesses have unique concerns and accounting requirements. 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?"
"Are you going to pass the business on to your family or sell it to a third party?"
"Will you have enough money to retire?"
The family dynamic complicates the transition because of the relationships and emotions involved plus many people are uncomfortable discussing topics such as aging, death, and financial affairs. Comfortable or not, succession planning should be a priority for any family business. More than 7 out of 10 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:
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 of your children but transfer equal shares of business ownership to all your children, whether they're actively involved in the business or not.
Minimizing the tax bite. The tax burden when transitioning a family business 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 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 a getting an equitable and fair share of the pie.
Let us help you pass on what's taken a lifetime to build.
business valuation
business restructuring
tax consequences
retirement projections
succession planning
