As uncomfortable as it seems, succession planning should be a priority for any family business. Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next.
At Straight Talk CPAs’, we’ll help you figure out things such as: Are you going to pass the business on to your family or sell it to a third party? And Who’s going to run the business when you’re gone?
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. We’ll help you minimize the tax bite.