Phone: (707)822-4835

Succession Planning

If you own a family business, retirement isn't simply a matter of deciding not to go into the office anymore. There are some critical questions to answer such as...

"What happens to the business when I'm no longer running it?"

"Will I have enough money to retire?"

Family dynamics complicate the transition due to relationships and emotions involved. Many 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. Many family-owned businesses fail to survive the transition from founder to second generation.

Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next.

We can 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 can help you weigh the advantages and disadvantages of each of these options. Transferring family ownership often adds a tremendous amount of stress to individual family members.

  • Who's going to run the business when you're gone? Management and ownership are not necessarily the same.

  • Minimizing the tax bite. The tax burden when transitioning a family business can be significant. The challenge is that although taxes are typically due when ownership is transferred, a family business is not generally a liquid asset.


Featured Articles