Planning For Your Succession
Passing the torch from one generation to the next is an age old tradition. However, passing a business from one family member to another holds certain risks you need to review and navigate. It’s not as simple as retiring and giving control of the ship to your favorite nephew. You must have some difficult conversation and make specific plans ahead of time to avoid the issues that cause 70% of family owned businesses to fail when the next generation takes over.
Have a conversation with us before you talk to your family. We can help you better understand things like the tax burden of inheritance, estate planning, company management (not the same as ownership), and the potential for family drama when these issues aren’t talked about before your death. Plan for the success of the next generation, too.