Succession Planning for Your Business

Succession Planning for Your Business

Succession Planning

Did you know that up to $30 trillion dollars — much of which is business assets — will be transferred to those born between 1976 and 2000 over the next 15-20 years?¹ If your business is among the nearly 90 percent of family-owned U.S. businesses², succession planning isn’t as simple as turning your business over to the kids. History shows that the second generation only takes over 30% of family-run firms.³

Questions to Start Answering Today

Between now and when you leave your business, whether through retirement, sale, or leadership transition, you will want to have answers to the following questions:

• Is passing on ownership to the second generation feasible or should you sell the business outside the family?
• How will your retirement needs be met while assuring that the business will survive for its successors?
• How can you best organize your estate to reduce estate taxes and avoid the necessity to sell the business at a bargain basement price just to pay the tax bill?

Our financial professionals can help you and other professionals find answers these questions.

1 “Retirement Planning: Serving Gen Y Now”, ThinkAdvisor.com.
2 American Fact Finder, U.S. Bureau of Census.
3 Family Business Facts, Conway Center for Family Business.

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