As uncomfortable as it seems, succession planning should be a priority for any business. Developing and implementing a well-designed succession plan is essential to the survival and success of a business.
At Straight Talk CPAs, we’ll help you figure out things such as:
- Will you pass the business on to your family or sell it to a third party?
- Who will run the business when you’re gone?
- Should you appoint family members or other candidate to key positions?
- What’s the best way to share your expectations for your business?
The tax burden when transitioning a business can be significant. The challenge is that a business is not generally a liquid asset, but taxes are typically due when ownership is transferred. We’ll help you minimize the tax bite. Get in touch with Straight Talk CPAs today!