A family business combines two things that take up the majority of our lives. You have worked hard to make your company what it is today, and you love your family enough to give them a gift of a sound, thriving business.
It is a shame to realize that seven of every ten family businesses fail the transition from one generation to another. It isn’t always due to discord among the family or ill management by the new owner, sometimes improper planning leaves the door wide open for estate taxes to be too burdensome to maintain the business.
If you find yourself working long hours to build and maintain your business with hope of passing it on to your family, please come in to see us. We’d love to help you answer those distant questions you haven’t let yourself really think about because you are so busy working. Questions like, “What happens to the place when I retire?” or “Will I even be able to retire?”