Business Succession Planning: Challenges of Selling the Family Business

December 8, 2015

Selling a family business, whether it’s due to lack of succession options, estate issues or the need for liquidity can cause problems as a result of sudden liquid wealth.

Passing on the family business also carries with it needs worthy of great consideration and counsel from trusted advisors. Whether to travel, work or pursue hobbies or philanthropy, the business structure within the family operated will be gone if the business is passed on to someone else and this can be an emotional struggle.shutterstock_321333917

Planning for all life elements should be pursued as an integrated process with defined goals. Investment has to move from the business into diversified streams with clear communication with all family members as far as the consequences of the sale. An individual thinking about passing on the family business should also be aware of lifestyle creep which means increasing spending just because the funds are available to do so.


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Your Tax Return Is a Roadmap: What to Review Before Year-End

Your completed tax return can reveal planning opportunities before year-end. Review investment gains, business income, retirement contributions, and estimated tax payments with your tax and ...

<p>The post Your Tax Return Is a Roadmap: What to Review Before Year-End first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Business Owners: Five Financial Conversations to Have Before December

Before year-end, business owners should review profit projections, cash reserves, major purchases, retirement plan funding, and personal financial goals with their advisory team. The start ...

<p>The post Business Owners: Five Financial Conversations to Have Before December first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Before You Make a Year-End Financial Move, Ask How It Affects the Rest of Your Financial Picture

Before making year-end tax, investment, retirement, business, or charitable decisions, consider how each move affects your broader financial picture. Year-end financial planning often starts with ...

<p>The post Before You Make a Year-End Financial Move, Ask How It Affects the Rest of Your Financial Picture first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>