If you own a family business, eventually you have to look at what you are going to do with the business and what you need out of the family business to retire comfortably and cover your income tax, property tax, housing and other annual costs. You are faced with questions like:
"What is going to become of the business once I retire?"
"Do I have what I need to provide for my retirement?"
"What is my business actually worth now and in the future?"
For most small business owners the whole process of leaving a business you have built from scratch or taken over and significantly grown is difficult. Which is why most family business owners have not sat down with an accountat to formulate a succession plan well in advance of retirement.
Regardless of how difficult this process is however, it's extremely important for family business owners to make succession planning a priority. Considering that 7 out of 10 family-owned businesses don't survive the transition from founder to next generation of family ownership due to either family conflict or heavy estate taxes - succession planning is of utmost importance.
At Helfer & Company CPA we help you with these important issues:
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Does it make sense to keep it in the family? Will you pass the business on to the next generation or will you sell it to an outside interest? Our succession planning tax services helps you consider the pros and cons of these different choices.
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Who will lead the business once I'm out of the picture? Managing a business and owning one are not the same. It may be better to have one of your children manage the business but give equal ownership of the business to each of your kids regardless of who's actively involved in the business and who's not.
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How do I reduce tax costs? When transitioning a family business there can be significant tax costs. Our CPA accountant services help you minimize such costs to preserve as much of your investment as possible.
- Making it fair. The transfer of a family business can produce a great deal of stress and raise questions amongst family members. In doing our succession planning and estate planning we talk with family members to make sure each feels they are receiving their fair share from the family business.
Our services:
After we have understood your business transition, estate planning and tax planning goals, we craft a succession plan that incorporates the following:
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Business Valuation
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Business Restructuring
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Tax Consequences
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Retirement Projections
- Tax Projections
Let us help you with this important next step you face. Call us for a free consultation at (678) 775-6800 and we will sit down with you to determine your situation, needs and goals.
