Retiring from a family business involves more than simply stopping work. It requires addressing important questions such as what will happen to the business after you leave and whether you will have enough money for retirement. The process can be complex due to the emotional and relationship dynamics within a family.
Succession planning is crucial for the survival of any family business, as more than 70% of such businesses fail to transition from the founding generation to the next. Failure can often be attributed to estate taxes or family conflict, or both. By developing and implementing a well-designed succession plan, you can ensure the continuity of your family business from one generation to the next.
Viva Taxes’ services can help you address key issues such as whether to keep the business within the family or sell to a third party, who will manage the business after your departure, how to minimize the tax burden of transitioning the business, and how to ensure that the distribution of ownership is fair and equitable to all family members.
We can also assist with business valuation, restructuring, retirement projections, and tax projections as part of the succession planning process.
What we do for you…
Once we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these 5 issues…
- Business Valuation
- Business Restructuring
- Tax Consequences
- Retirement Projections
- Tax Projections