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Succession Planning

Succession Planning

If you own a family business, retirement isn’t simply a matter of deciding not to go into the office anymore. You’ve got some critical questions to answer like…

“What happens to the business when you’re no longer running it?” and

“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 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’s going to run the business when you’re gone? Management and ownership are not one and the same. You may decide to transfer management of your business to just one of your children but transfer equal shares of business ownership to all your children, whether they’re 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

Let us help you pass on what’s taken a lifetime to build by calling us at 833-394-5758

  • WHAT OUR CLIENT ARE SAYING ABOUT US

  • Champions Charter Services admires and appreciates Epay for their incredible professionalism, and they have a friendly staff. With SmartCPA we can always expect our necessary documents to be filed on time and correctly. We are at ease knowing that our business is in their hands. We appreciate you SmartCPA Inc. and staff!

    Nessa, Champion Charter Academy

    Dear Cindy and SmartCPA Staff, This email is to let you know that the service you have provided me is fantastic. After all of these years you have been accurate, SmartCPA is always on time, my quarterlies are always prepared properly and I couldn’t be more satisfied. Thank you very much! I look forward to many more years of working with

    Laura Farrell, Farrell Estetica International, Inc.

    Smartcpa has handled the payroll for my business for over ten years and I am extremely pleased with the level of service they provide. They are always prompt and professional. I highly recommend Smartcpa.

    Dr. Johnny Chu, Chu & Chu Chiropractic, Inc.