Selling your business can be an emotional and life-changing decision. Despite years of hard work and nurturing your business, it might be time to sell. Following are a few key steps that can make the process easier: 1. Be Realistic Don’t try to make assumptions of what your business is worth. Hire a seasoned appraiser [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
