Find out if you are well-planned for each business cycle by reviewing this checklist.Business capital phase, where the business is building and growing.Personal capital phase, when it’s time to plan for capital assets outside the business capital phase.Legacy capital phase, where managing and transferring wealth are your primary concerns.Family business owners face unique challenges in managing wealth and preserving legacies for future generations.
The decision whether and how to best transition out of your business is seldom easy. Several key factors may include: (i) financial needs moving forward for you and your family; (ii) your desire to remain involved in the business in some capacity; (iii) the involvement of business partners and/or family members; (iv) the impact of income and/or estate taxes; and (v) market conditions.
Learn about succession planning strategies business owners. Lack of proper succession planning is a surefire way to lose the family business you’ve worked so hard to create.You can implement a number of business transition strategies to help you maximize your legacy’s ultimate value.As your family and business change, so should your plans for their futures.