ACCOUNTING SERVICES - TAX SERVICES - ADVISORY SERVICES - BOOKKEEPING SERVICES
Broward (954) 370-6100 Miami Dade (305) 445-4240
BUSINESS SUCCESSION PLANNING
Business Succession Planning
If you own a family business, retirement is not simply a matter of deciding not to go into the office anymore. You have 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 complicates 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 considering that more than seven out of ten family-owned businesses fail to survive the transition from founder to the 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 each of these options.
Who is going to run the business when you are gone?
Management and ownership are not one and the same. You may decide to transfer the management of your business to just one of your children but transfer equal shares of business ownership to all your children, whether they are actively involved in the business or not.
Minimizing the tax bite
The tax burden when transitioning a family business can be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due when ownership is transferred.
Making it fair
Transferring family ownership often adds a tremendous amount of stress to individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie.
What we do for you
Once we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these 5 issues.
- Business Valuation
- Business Restructuring
- Tax Consequences
- Retirement Projections
- Tax Projections
Hammer Navarro Tanoli and Associates, PA
Copyright © 2024 Hammer Navarro Tanoli and Associates, PA - All Rights Reserved.
Certified Public Accountants
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