If you own a family business, retirement isn’t a simple matter of no longer showing up to work, there are several questions that will need answering regarding succession, assets and more. The ATLAS's succession planning experts are experienced in assisting in these types of transitions and will help you navigate the unique pitfalls that come with family business dynamics. Regardless of the situation, succession planning should be a priority for any family business since more than 70% of family-owned businesses fail to survive transition due to a myriad of factors. Our experts will work alongside you to develop and implement a comprehensive succession plan, focusing on key issues such as:
- 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 are 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