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 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
 

        1. Business Valuation
        2. Business Restructuring
        3. Tax Consequences
        4. Retirement Projections
        5. Tax Projections

 

Let us help you pass on what's taken a lifetime to build by requesting a Free Consultation below.

Contact Us

Wilson, Haag and Co., PC

Texas Address:                     Kansas Address:

418 S. Polk Street                 6711 W 121st St, Suite 101

P.O. Box 590                        Overland Park, KS 66209

Amarillo,TX 79105                

Phone (806)372-3331           Phone (913)535-9992

Fax (806)372-3355

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