Thursday, October 6, 2016
After putting time and effort into growing a business, many fail to adequately prepare for the transition of their legacy. Starting the planning process early can help garner a successful transition of the business while achieving the owner’s objectives. Both estate and tax planning are essential to help with a tax-efficient transition in ownership. To help facilitate a smooth transition, there should be open communication amongst family members and key employees. Even with all of this planning, you should prepare for the unexpected and have a contingency plan. All family business owners should devote the appropriate time and resources to making sure a succession plan is successful.
See R. Scott Beach, Preparing a Family Business for Transition, Wealth Management, February 22, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.