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Succession Planning

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Business Succession Planning

If you own a family business, retirement isn't simply a matter of deciding not to go into the office anymore. You've got some critical questions to answer like...

"What happens to the business when you're no longer running it?" and

"Will you have enough money to retire?"

The family dynamic complicates the whole transition because of the relationships and emotions involved. Most people are not comfortable discussing topics such as aging, death, and financial affairs.

Comfortable or not, succession planning should be a priority for any family business considering that more than seven out of ten family-owned businesses fail to survive the transition from founder to second generation, typically falling prey either to estate taxes or family discord - or both.

Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next.

We help you with these key issues -

  • Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options.

  • Who's going to run the business when you're gone? Management and ownership are not one and the same. You may decide to transfer management of your business to just one of your children but transfer equal shares of business ownership to all your children, whether they're actively involved in the business or not.

  • Minimizing the tax bite. The tax burden when transitioning a family business can be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due when ownership is transferred.

  • Making it fair. Transferring family ownership often adds a tremendous amount of stress to individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie.

What we do for you...

Once we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these 5 issues...

  1. Business Valuation

  2. Business Restructuring

  3. Tax Consequences

  4. Retirement Projections

  5. Tax Projections

Let us help you pass on what's taken a lifetime to build by requesting a Free Consultation below.

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  • This was my first year using Toledo CPAs and they were incredible! Staff was delightful and they made the process so easy for me. I got a better then expected return and they set me up with tax estimates for the year to come. Needless to say I will be going back to them every year!
  • The amount of stress Tom, Nathan, and the staff has taken off of me has been a blessing. I can run my business and they take care of everything on the financial side. Knowledgeable, friendly, helpful, informative and affordable are only some of the many great things this company has to offer
  • I had a consultation with Tom about some business tax preparation questions I had. Simple, easy to understand answers, which I really appreciated. Friendly staff, very professional, I felt like they were truly concerned.
  • This is my 10th year with Toledocpa and looking forward for more to come! I want to thank you Tom and your staff for all those years! Congratulations on your new office Downtown! Wishing you the very best always!