BrookWeiner Succession Planning
For many owners of family businesses, succession planning represents the consideration and planning in the transferring of possibly the most significant asset in their estates. The result of one's business efforts over a lifetime demands more than simply making provisions in your will to leave your company to your children, who in many cases don't want to run the family business or are not qualified to do so.
Typically, we focus on providing for our spouse and our children in our wills. Estate planning often focuses on these issues, but does not generally consider the issues of business succession.
Over the years, you nurtured your business and sacrificed to make it grow and prosper. Corporate finances, taxes, production problems, and answering customer needs all demanded your attention. After dealing with these and other countless issues, you built a thriving company.
The same care used in buying a new machine for your factory or planning the development of a new product line should go into the issue of business succession.
You must ask yourself some very tough questions about your children, key employees, and the long-term outlook for the company. Succession planning allows for the smooth transition of your business to the next generation. We assist our clients in this area by integrating various elements, both tax and non-tax, into a plan that works.
Successful business succession cannot be achieved without appropriate tax planning.
BrookWeiner has developed a comprehensive program to assist you in succession planning. Contact us to learn how we can help you pass the baton to the next generation.