yeah business succession planning is
important for every business as as you
know
one of the real challenges especially of
first generation businesses is what’s
going to happen when the the initial
owners decide to retire or to phase out
and the business succession issues that
arise often depend upon the family
dynamics so for example
if there’s one child involved in the
business with the parents the succession
plan might be a little bit easier than
if there are several children involved
if there are more than
one children involved in the business
then the issues of you know what roles
are each child going to play once mom
and dad are no longer involved in the
business become very important
from a tax point of view
the sooner that a client can consider
and start to engage in business
succession planning
there’s really some very strong tax
benefits that can be achieved so for
example if we have a business that we
think
is worth you know a million dollars
today
but in five years maybe worth five
million dollars
the succession planning from a tax point
of view it’s much easier to involve and
transition the ownership of that
business to a child when it’s worth one
million dollars than waiting until it’s
worth five million dollars and so there
are some techniques that we use where
parents can involve
the next generation in the ownership of
that business but still retain the
control they need to direct the business
and so business succession planning is
very important especially if it’s the
intent for that business to continue