Effective coordination of the transition of your business to your successors is critical to ensure its continued success once you decide to remove yourself from the company’s day to day operations. With a solid background in tax and other financial matters, we are fully qualified to address the complex issues of business continuation and can assist you in developing a strategically sound plan. Here are some questions you may wish to ask yourself:
- If you die unexpectedly, can your family continue to run your business?
- If your family cannot run your business, who can?
- If you die unexpectedly, will your family have sufficient liquid resources to hire someone to replace you?
- If your family cannot run your business without you, you should consider their liquidity needs.
- If you die unexpectedly, and have partners, will they pay your family a fair price for your business?
- Do you have a buy/sell agreement?
- Do you have a management succession plan in place?
- Have you considered the impact of estate taxes on your family business?
These are only some of the basic issues for which you should have answers. There are many more. Is it time to consult with a Wegmann Dazet professional to see how we can assist you in this important planning area?