Succession Planning

Only 30% of family businesses make it to the second generation. There are many reasons for this, one of the major factors is death taxes and gift taxes. Imagine losing half to three quarters of your business to the government? What’s even worse is when the government places an arbitrary value on your business, and wants 75% of that in cash, within 9 months.

Unless 75% of your business assets are cash, this is nearly impossible. And IF 75% of your business assets are cash (your cash), then how are you making money?

Other reasons for this high attrition rate include death or disability of an owner or key person. What would happen to your business if your partner died, became critically ill, or disabled? Do you have a plan for it?

How about an exit plan? Do you know who is going to buy your business, and how much they are going to pay you? Do you have your successor picked out, and do they have the money to pay you the agreed upon value? Will they have the money if you should need it earlier than anticipated?

If you don’t have a plan for all of these events, talk to us. We can help you plan for these and more.

Our initial consultation lasts 20 minutes and is free. After that, we will decide on a plan of action, and a performance guarantee. All fees will be discussed and disclosed up front.