Family 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 that will affect both your business and your family.
"What happens to the business when you're no longer running it?"
"Will you have enough money to retire?"
The family dynamic complicates the whole transition because of the relationships and emotions involved.
Keeping it in the family
We help you weigh the advantages and disadvantages of passing the business to family or selling to a third party.
Future Management
Plan the transfer of management and ownership separately to ensure the best outcome for all family members.
Tax Planning
Navigate the significant tax implications of transitioning a family business with strategic planning.
Fair Distribution
Ensure equitable distribution among family members while maintaining business continuity.
Our Succession Planning Process
What we do for you...
Once we understand your key concerns, we construct your succession plan focusing on these critical areas:
- Business Valuation
- Business Restructuring
- Tax Consequences
- Retirement Projections
- Tax Projections
3 Common Wealth Management Strategies
Budgeting
Whether you've never considered budgeting or already have one in place, we learn to how to. We'll take an in-depth look at your income, expenses, and assets to determine a budget that gives you the boost you need to achieve your goals in a reasonable timeframe while avoiding negatively impacting your quality of life.
Diversifying Your Investments
Each year, countless individuals take significant hits to their wealth because they've invested their money into one financial avenue. As the stock market or real estate market turns, wealth managers can help you identify unique investment opportunities that help safeguard your wealth from unforeseen events and provide healthy returns on investments.
Managing Debt
Debt is one of the most common causes of financial failure. Even if you have seemingly insignificant debt like an outstanding credit card balance, it can negatively impact your ability to make the most of wealth management. We have a dedicated team in place to help you like clearing loans that have high-interest rates. In addition, we can teach you how to properly use your credit while remaining mindful of factors like budgeting.