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Succession Planning for Your Business

Succession Planning for Your Business

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Succession Planning

Did you know that a staggering $7-10 trillion dollars — much of which is business assets — will be transferred to the younger generation throughout the next decade? If your business is among the 73% of family-owned U.S. businesses, succession planning isn’t as simple as turning your business over to the kids. History shows that the second generation only takes over 30% of family-run firms.

Questions to Start Answering Today

Between now and when you leave your business, whether through retirement, sale, or leadership transition, you will want to have answers to the following questions:

  • Is passing on ownership to the second generation feasible or should you sell the business outside the family?
  • How will your retirement needs be met while assuring that the business will survive for its successors?
  • How can you best organize your estate to reduce estate taxes and avoid the necessity to sell the business at a bargain basement price just to pay the tax bill?

Our financial professionals can help you and other professionals find answers these questions.

Notes:

For other estate planning services (wills and trusts), contact an attorney who specializes in estate planning services.

This information is provided for overview or general educational purposes only. This is not be be considered or intended to be legal or tax advice. Changes in the tax law may affect the information provided. For personalized assistance, including any specific state law requirements, consult a legal or tax advisor.

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