Studies indicate that only about 50 percent of all family-owned businesses last more than one generation, and that very few of them last more than two. We will show you how to plan for succession to avoid the loss of everything you’ve worked for.
“I’m not sure I’m ready to think about exiting my business. Do I have to do it now? What issues do I have to consider in developing a business succession plan?”
While estate tax “erosion” is certainly a factor in the loss of businesses from one generation to the next, the primary causes are:
- The owners’ failure to plan in advance for succession in the event of death or disability, and
- The owners’ failure to train, motivate, and involve the next generation of owners.
If you’re a business owner, your business may well represent the most valuable asset in your estate. It’s also been the focus of your life, a source of pride and, of course, a source of income for you and your family. This can make preparing for retirement and for the future of the business in the event of your death or disability a complex and emotionally charged matter.
We will guide you through the many complex issues in succession planning, help you explore your options, and assist you in the development of an exit strategy and a succession plan to implement your strategy. Our discussions will help you gain perspective on what can become emotionally-laden and difficult issues so you can move forward with confidence knowing your business won’t become another statistic.