/Michael Savoy
About Michael Savoy
Michael Savoy, CPA, CGMA is a Shareholder at Gumbiner Savett Inc. who works with privately held entities in apparel and textile, aerospace, importing, manufacturing and distribution, and real estate. Over his 40 plus years of experience, Michael has assisted numerous clients with litigation support, succession planning and exit strategies, tax planning and compliance, and restructuring and refinancing debt.

Handing Off the Family Business

By |2017-05-24T13:42:34+00:00April 10th, 2013|Categories: Articles, Business Advice, ESOPs, Estate & Trusts, Succession Planning|Tags: , , , |

Family business owners often make certain assumptions — that their children will gladly succeed them or that they’ll be able to transfer ownership and enjoy a comfortable retirement. Such assumptions can be dangerous. For starters, family members may have other career objectives. Even if they don’t, succession planning can be tricky, involving both your retirement [...]

A Family Limited Partnership for Your Succession Plan

By |2017-05-24T13:42:34+00:00March 27th, 2013|Categories: Articles, Business Advice, Succession Planning|Tags: , , , , , , , |

One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. In many cases, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business. A family limited partnership, or FLP, [...]

2- Succession and Estate Planning For a Fruitful Retirement

By |2017-05-24T13:42:43+00:00March 14th, 2012|Categories: Articles, Estate & Trusts, Succession Planning|Tags: , , , , , , |

In my previous post I talked about assessing where you are and planning for succession. In this discussion I want to cover your estate plan and picking the right partners. Think retirement The first considerations for retirement planning are your health, lifestyle and any financial obligations. You will use these to determine your required revenue [...]

1- Succession and Estate Planning For a Fruitful Retirement

By |2017-05-24T13:42:43+00:00March 12th, 2012|Categories: Articles, Estate & Trusts, Succession Planning|Tags: , , , , , |

You’ve worked for many years to build a successful company, and now you’re starting to think about retirement. To ensure a smooth exit from the workplace, establish your retirement and estate plans now — well before you’re ready to sell or transfer your business. Early planning will help ensure that you adequately provide for your [...]

2- Retiring? Plan out Your Succession Plan

By |2017-05-24T13:42:43+00:00March 7th, 2012|Categories: Articles, Succession Planning|

In my last post about succession planning I talked about starting early and staying in control. In this post I want to provide some examples of how you can accomplish a successful succession plan. Nonvoting stock. Giving away stock without voting rights is a simple way to transfer business interests to your family while retaining [...]

1- Retiring? Plan out Your Succession Plan

By |2017-05-24T13:42:43+00:00March 5th, 2012|Categories: Articles, Estate & Trusts, Succession Planning|

If you own a family business, a smart succession plan is essential, and if you’re like most business owners, a significant portion of your wealth is tied up in the business, so you’ll be relying on it to generate income for your retirement and to provide for your family. Unfortunately, only one-third of family businesses survive [...]

Employee Stock Ownership Plans for Today’s Businesses

By |2017-05-24T13:42:48+00:00September 22nd, 2011|Categories: Articles, ESOPs|

Michael Savoy, Gumbiner Savett’s Managing Director, recently wrote an article about the affordability of ESOPS in today’s economy.  Michael knows this area well and has often spoken for the California Society of CPAs' Educational Foundation on succession planning and exit strategies with an emphasis on ESOPs. ESOPS More Affordable in the Current Economy   The employee [...]

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