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 like...
"What happens to the business when you're no longer running it?"
and
"Will you have enough money to retire?"
The family dynamic complicates the whole transition because of the relationships and emotions involved. Most
people are not comfortable discussing topics such as aging, death, and financial affairs.
Comfortable or not, succession planning should be a priority for any family business considering that more
than seven out of ten family-owned businesses fail to survive the transition from founder to second generation,
typically falling prey either to estate taxes or family discord - or both.
Developing and implementing a well-designed succession plan is essential to the survival of a family business
from one generation to the next.
We help you with these key issues -
Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these
options.
Who's going to run the business when you're gone? Management and ownership are
not one and the same. You may decide to transfer management of your business to just one of your children but transfer
equal shares of business ownership to all your children, whether they're actively involved in the business or
not.
Minimizing the tax bite. The tax burden when transitioning a family business can
be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due
when ownership is transferred.
Making it fair. Transferring family ownership often adds a tremendous amount of stress to
individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable
and fair share of the pie.
What we do for you...
Once we understand how you feel about the key issues above, we begin constructing your succession plan
focusing on these 5 issues...
Business Valuation
Business Restructuring
Tax Consequences
Retirement Projections
Tax Projections
Young Accounting, Ltd.
7777 Lake Street, Suite 200, River Forest, IL 60305 Tel (708) 366-6377 Email ken@youngcpafirm.com
Young Accounting is a Chicagoland accounting firm that provides a wide variety of accounting, tax and financial management services. Our clients are located in towns like Oak Park, River Forest, Chicago, Elmwood Park, Melrose Park, River Grove, Forest Park, Riverside, Elmhurst, Downers Grove, Westchester, Hillside, Oak Brook, Hinsdale, La Grange, Villa Park, Westmont and more. We service clients in Cook County, DuPage County and Lake County.
