Preparing a Family Business for Transition
By: R. Scott Beach - November 02, 2016
After building and sustaining a family business through countless hours of hard work and years of emotional and financial commitment, many business owners neglect to plan and prepare adequately for how they are going to transition the legacy they have created. Far too often, business owners are consumed with the immediate needs of the business and implementation of near-term operational changes or growth initiatives, without giving proper consideration to planning for their own transition out of the business. Here are some considerations and suggestions for planning the successful transition of a family business.
** Disclaimer Required by IRS Circular 230** Unless otherwise expressly approved in advance by the undersigned, any discussion of federal tax matters herein is not intended and cannot be used 1) to avoid penalties under the Federal tax laws, or 2) to promote, market or recommend to another party any transaction or tax-related matter addressed.