Reasons to Have a Family Business Succession Planning Talk Now

December 28, 2016

Every family business should have succession planning as a key priority. Sooner or later every individual will want to retire but there are numerous other reasons why you may wish to step out of a business. Ensuring that you have enough money to retire on and that you have key procedures in place in the event that someone wishes to leave the business is important not just for the future of the company but also for your loved ones.

Think carefully about whether or not the business will be carried on by relatives. If this is the case, then it is more important to have a clear business succession plan to manage the issues including a smooth transition between the people who are working there now and future owners of the business. In any family business, succession planning can become immediately more complex as a result of the emotions and the relationships involved.

According to research, more than 70% of businesses owned within the family will not survive the transition from the founder to the second generation. In the majority of cases, the challenges that ultimately close down these businesses are family discord and taxes. However, setting up a meeting with an experienced business succession planning attorney now can help to address these issues and avoid them entirely. You may wish to consult with eth tax component as well as the potential for reorganizing the corporation and the strategies by which future business owners and managers will be trained in their new roles.

                                                                                                                


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

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

Choosing the Right Charitable Vehicle: A Strategic Guide for Legacy-Minded Families & Business Owners

Explore key differences between charitable trusts, donor-advised funds, and foundations. Learn how high-net-worth individuals can align giving with tax strategies and long-term legacy planning. How to Select the Right Charitable Structure for Your Legacy Goals For business owners, families post-liquidity ...

<p>The post Choosing the Right Charitable Vehicle: A Strategic Guide for Legacy-Minded Families & Business Owners first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Turning a Windfall Into a Lasting Legacy: Long Term Planning for Generational Wealth

From estate planning to values‑based giving, learn how to transform your windfall into wealth that endures across generations—and aligns with your deepest purpose. Windfalls are rare. Generational wealth is rarer still. For business owners, legacy‑minded families, or anyone who’s recently come into a substantial ...

<p>The post Turning a Windfall Into a Lasting Legacy: Long Term Planning for Generational Wealth first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Common Pitfalls After Unexpected Wealth—and How to Avoid Them

Discover the most frequent mistakes windfall recipients make—overspending, poor tax planning, emotional missteps—and learn how high‑net‑worth individuals can avoid them. A large, unexpected sum of money can feel like unlimited possibility. ...

<p>The post Common Pitfalls After Unexpected Wealth—and How to Avoid Them first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>