Plan For Your Succession

WARNING: Passing Your Business to a Family Member or Associate Can Be a Risky Proposition.

7 out of 10 family owned businesses will not survive the transfer of the business from one generation to another. Lack of planning and discomfort discussing topics such as aging, death, and financial affairs will more often than not result in loss of a business due to estate taxes, family discord, or some combination thereof.

If you want to assure that the business you worked so hard to build will be there to support future generations, you must clarify your plans for succession and finalize, as well as legalize your priorities.

Get professional advice for dealing with these key issues and more…

  • What will happen to your business? Do you wish to keep it in the family, sell it to a third party or pass it on in some other manner? We can help you weigh the advantages and disadvantages of each of your options, as well as help you determine how the business can best provide for you as you enter your retirement years.
  • If you are not running the business, who is? Ownership of the business and management of the business are often two distinctly separate entities. How will your retirement or death affect the day-to-day decision making of how the business is run? Will your children take active roles in the running the business, or will they exist as owners only? Clarifying your expectations in legal terms and making these decisions in advance will help ease the transition of ownership, as well as management, without further risk of detriment to the business as a whole.
  • How can you minimize the tax burden upon transfer? When businesses transfer ownership, taxes are a reality regardless of the relationship between the parties. Review your options with an expert in the field in order to make the decisions that will best support your family members and the business.

Remember that inherited assets, such as family businesses, are often the cause of tremendous emotional strain and stress for individual family members. It is best to address any actions that might be seen as fair or unfair ahead of time, so that family members know what to expect and why you are making the decisions that you are making.

They may not realize, for instance, that the tax implications of inheriting a business might be more burden than they could financially handle or that decisions involving management vs. ownership have been taken into account.

Contact us about our Succession Planning Services to determine the value of your business, before restructuring your business, to review the tax consequences and tax projections of your actions, and to help you plan for retirement.

Ready to come in for an appointment?

Our schedule is very full…but if you call us at (714) 696-8680 or email us we’ll give you two options for coming in right away! We will NOT make dealing with a tax professional as painful as it’s been in the past!

What our Clients are saying

I have had the pleasure of working with David for over two years, I had not previously worked with a CPA, but was quite blown away with his knowledge, guidance and determination when it came to making sure our company stayed an income generating manufacturer. We are a multiple subsidiary company which he was diligent in keeping up with and straight in our books and that’s not easy to do especially with the demands of our CEO.

His professionalism helped guide our startup company from chaos to a systematic machine which was SEC compliant. He reorganized the payroll to make sure that it was up to date and on time. He set up a Purchase Order system so that the appropriate authorizations could be gathered to process payments and employee reimbursements. David is honest, he displays outstanding integrity, and he is committed; all qualities that a company deserve, and without his strategic planning the company would have easily fallen apart.

As a fellow accountant, I understand how difficult it is to make sure a company is fluent with their records as well as keeping the CEO happy with productivity and income generation and David made that look easy. He stood by what was right to keep the company in line with governing agencies, stockholders and GAAP. David served as the backbone and an integral asset to our company’s success. Any company or individual that follows through with his setup, his direction, and his planning will have everything needed for continued success.

Professionalism helped guide our startup company

Ashlye B.

My Son introduced me to This Firm and David , I was really in mess with my taxes ! But it was not long before they came to the rescue and straightened everything out. What a relief that was!. Thank you so much for all your work and understanding not to mention making me comfortable and putting my mind at ease. I am so appreciative for all you have done !

Came to the rescue and straightened everything out