Navigating the emotional and financial challenges of a divorce can be daunting enough. But when a family business is part of the divorce proceedings, there are additional decisions to be made to determine the future of the business and the equitable distribution of its assets.If only one spouse is involved in the family business and will continue to operate it as such, then an appraisal of the business will be needed to determine its value for purposes of buying out the non-operating spouse.
Managing concentration, tax, market, and longevity risk can be key to financial security.Each stage of your business brings distinct financial risks.Examine your financial life—particularly your investments—from a new perspective to ensure the next stage is as rewarding as the last.Before passing control of your business to the next generation, be sure to lay the groundwork for your own financial security.
Like many owners of closely held family businesses, you’re likely working hard every day to sustain your business and help it thrive through always-changing economic conditions. The last thing you are focused on is how you will preserve your wealth and transition your business to future generations.
