I appreciate you taking a couple minutes of your time to hear my many years of experience. I assist family businesses in transferring business wealth by minimizing transfer costs, enhancing family relationships by developing open communication and maximizing your business profitability.
If you own a successful closely held business and have a family, it is critical to take the time necessary to consider establishing a new plan. This plan transitions your wealth to your heirs while minimizing costs, enhancing open communication that results in greater family harmony during life and beyond while maximizing business profitability. It makes sense, and sounds easy, yet it is not.
Did you know $4.28 billion of family wealth is transferred yearly, yet 70% of the businesses do not survive the transfer, and 85% of those don’t even survive beyond the second generation?
Why? Typically there was either no plan or there was a secretive plan unknown until the death of the business owner. Most plans that are drafted are not executed and do not include any feedback from family members.
Many business owners are making wealth transfer planning decisions based only on tax, legal and financial considerations. Few businesses include ALL family members in the planning process. As a result, business continuity and estate planning is inadequate, leading to the dissolution of the business and family relationships.
We have found that when generations fully understand and support a common cause that plans for the future of both the family and business will result in a greater chance of successful transition by going beyond the tax, legal and financial considerations. We have been able to help many business owners and family members effectively transfer their business, by keeping the business in the family when that is in their best interest.