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Succession Planning

Developing and implementing a well-designed plan ensures your business is carried on successfully.

We provide our clients with various options to transition their business to the next generation – tailored to meet their specific needs and situations in the most tax effective manner. These options include, but are not limited to, amalgamations, estate freezes, tax deferred rollovers of assets, and share exchanges.


Own a Family Business?

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

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?"
"Will you have enough money to retire?"

The family dynamic can complicate 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. In fact, 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.

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:

  • 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 both options.

  • 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. We can help you wade through the complexity.

  • Making it fair.
    Transferring family ownership often adds a tremendous amount of stress to individual family members. We talk with each family member to ensure they feel they are getting an equitable and fair share of the pie.

Where to Begin

Once we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these five issues:

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

We can help you pass along what's taken a lifetime to build