Estate Planning

Many business owners dream of one day handing their business over to a family successor. At first blush this may seem easy however; thousands of businesses each year are literally destroyed due to improper planning for family succession. In addition to choosing an appropriate successor, often one of the main causes of contention is value. While first generation owners tend to undervalue their enterprise, in some cases their successors take for granted the efforts involved in building a viable business. Having an unbiased, third party opinion of value is one of the essential steps to preparing your estate for the next generation. In a situation where tempers can flare and relationships can be broken an independent evaluation will reassure you and your successor(s) that the transfer of ownership is both just and equitable. Additionally there are a number of tax laws surrounding this type of transaction. If you plan to continue your business legacy by giving versus selling ownership to a family member the services of a CFP and/or CPA are highly recommended to ensure you follow the letter of the law and avoid potentially disastrous tax liabilities.

> Request information