September 16, 2015

In the post-recession era, family businesses have become extremely important. Many disenfranchised workers took the opportunity to launch their own companies during this time, and now home businesses make up 50 percent of gross domestic product and nearly 60 percent of all jobs in the U.S.

Despite this rapid growth in the home business sector, many of the owners of such companies do not believe that their businesses will succeed beyond the current generation. Much of this has to do with generational differences, financial priorities, interests, or even familial disputes. In order to survive, even a home-based business has to have goals and objectives based on a collective vision. 

If you own a home-based or family business and would like to consider passing it on to the next generation, make sure you consider all decision-making processes in writing. If you plan to pass the company on, successors should be identified clearly and early on. Estate planning for you and for any concerns related to the business should be conducted by factoring in transfer scenarios and tax ramifications.

Contact us for more information about planning for business succession. Set up a meeting today by contacting info@lawesq.net.