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Succeeding at Business Succession

According to the Conway Center for Family Business, family businesses account for 64% of the U.S. Gross Domestic Product (GDP), yet 57% of family businesses have no formal succession plan.1 While the number may shock you, it is not surprising that many small business owners are consumed by the myriad responsibilities of running their businesses.

不过, owners ignore succession preparations at their peril and possibly at the peril of their heirs.

There are a number of reasons for business owners to consider a business succession structure sooner rather than later. Let's take a look at two of them.

第一个原因是税收. 在船主死后, 可能要交遗产税了, and a proactive strategy may help to better manage them.² Failure to properly prepare can also lead to a loss of control over the final disposition of the company.

第二个, the absence of a succession structure may result in a decline in the value of the business in the event of the owner’s death or an unexpected disability.

The process of business succession is comprised of three basic steps:

  1. 确定你的目标: When you know your objectives, it becomes easier to develop a plan to pursue them. For instance, do you want future income from the business for you and your spouse? What level of involvement do you want in the business? Do you want to create a legacy for your family or a charity? What are the values that you want to ensure, perhaps as they relate to your employees or community?
  2. Determine steps to pursue your objectives: There are a number of tools to help you follow the goals you’ve identified. They may include buy/sell agreements, 赠送股票, establishing a variety of trusts, or even creating an employee stock ownership plan if your desire is that employees have an ownership stake in the future.
  3. 实现策略: The execution step converts ideas into action. 一旦它被实现, you should revisit the strategy regularly to make sure it remains relevant in the face of changing circumstances, 如离婚, changes in business profitability, 或者一个利益相关者的死亡.

Keep in mind that a fundamental prerequisite to business succession is valuing your business.

你可以想象, business succession is a complicated exercise that involves a complex set of tax rules and regulations. Before moving forward with a succession, consider working with legal and tax professionals who are familiar with the process.

1. Conway Center for Family Business, 2019
2. Typically, estate taxes are due nine months after the date of death. And estate taxes are paid in cash. 除了遗产税, there may be a variety of other costs, 包括遗嘱认证, 最终的费用, 和管理费用.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. 所表达的意见及 material provided are for general information, and should not be considered a solicitation for the purchase or 出售任何证券. 版权所有2021 FMG套件.

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