Succession Planning for Family-Owned Businesses

Understand how to successfully implement a succession plan to transfer ownership of family-owned businesses.

Many family-owned businesses who are preparing to transfer ownership to the next generation often do not understand the considerations that need to go into making the decision in a way that financially benefits both the current owner and future owner. They also do not understand how the transition needs to be structured to minimize any tax burden and avoid drama amongst family members. This topic helps the family-owned business decide whether to transfer ownership of the business while they are alive or at the time of their death. The topic also helps outline the process for transferring the business in a manner that will maximize financial gain to all parties and minimize any tax burden. Failing to plan in advance for the transfer of the family-owned business causes significant tax burden and potential turmoil in the family. This topic is critical for business owners and their advisors so they can ensure they know how to implement a plan to transition ownership of the family-owned business.