Do you own a business? Are you concerned that it will cease to exist after your passing? Do you have plans to leave the business to the next generation, such as your children?
As you know, there’s nothing easy about starting, operating, and managing a business. However, millions of people are successful in doing so. Just the same, many of these business owners have a plan in place for the next generation.
If you own a family business, it’s time that you take steps to ensure that it continues on after you’re gone. There’s no exact science to doing so, but there are some steps you can take to get on the right track.
Here are some of the questions you should address early in the process:
- What type of business do you have?
- Are you the sole owner?
- Do you have an idea of who you want to take over your business once you’re gone?
- What can you do to preserve your business, thus allowing you to pass it on to the next generation with as few challenges as possible?
- Do you have concerns about equitable distribution, such as if you have more than one child?
Even if you can’t answer these questions right now, there are steps you can take to get on the right track.
Once you have a better understanding of your current situation and future goals, you can turn your attention to details such as:
- Estate taxes
- How to best transfer the business
- When to transfer the business
Despite the challenges and complexities of running a family-owned business, it can be one of the most rewarding experiences of your life. You don’t want to take any risk with its future, so proper planning is a must.
Contact us for more information on family business planning. We’re happy to answer your questions, address your concerns, and put your mind at ease.