A key goal of many of our business owner clients is to someday transfer
their business interest to either family members or key employees.
Properly done, this type of planning can offer to both the current and
successor owner a worry free, tax efficient method of business succession.
Furthermore, the loss of a business owner through death or disability can
catch even the most efficiently managed small companies off guard and,
worse, unprepared to deal with the repercussions. Family businesses, in
particular, are susceptible to erosion of capital due to estate taxes and
legal fees; not to mention the possible hurdles of voting control being
scattered among heirs, with conflicting points of view impeding the
business' operation and growth.
There are many pitfalls to business succession planning, and, as
uncomfortable as it may be to discuss, a professional evaluation of your
current situation can help avoid future problems.
Strategies for Wealth is well positioned to help advise you on these
important issues.
* Guardian, its
subsidiaries, associates and employees do not give tax or legal
advice
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