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Transfer Ownership
Thoughtful succession planning is important for all businesses, particularly family-owned businesses. Working with an accountant and an attorney will help you understand the tax consequences of the transfer and develop a succession plan that will work best for your situation.
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Estate And Gift Tax In Family Succession Planning |
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Succession taxes are significant considerations in the transition of business ownership between generations. This Internal Revenue Service (IRS) guide offers a general overview of when these taxes do and do not apply, and explains how much money or property you can give away during your lifetime or leave to your heirs at your death before any tax will be owed. |
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Management In Family-Owned Business |
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(PDF file)
Business succession planning provides business stability, tax savings, and, most of all, peace of mind. However, developing an effective plan requires hard work, discipline, communication, and teamwork. |
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Family-Owned Transitions |
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Since small family-owned businesses are the building blocks of our economy, it may be surprising to learn that they do not usually survive second-generation ownership. Considering the unfavorable odds, assess whether the potential successor has the qualifications, competency, work ethic, or interest to run the business successfully. |
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