Plan
For Your
Succession

WARNING: Passing Your Business to a Family Member or Associate Can Be a Risky Proposition.

7 out of 10 family owned businesses will not survive the transfer of the business from one generation to another. Lack of planning and discomfort discussing topics such as aging, death, and financial affairs will more often than not result in loss of a business due to estate taxes, family discord, or some combination thereof.

If you want to assure that the business you worked so hard to build will be there to support future generations, you must clarify your plans for succession and finalize, as well as legalize your priorities.

Get professional advice for dealing with these key issues and more…

  • What will happen to your business? Do you wish to keep it in the family, sell it to a third party or pass it on in some other manner? We can help you weigh the advantages and disadvantages of each of your options, as well as help you determine how the business can best provide for you as you enter your retirement years.
  • If you are not running the business, who is? Ownership of the business and management of the business are often two distinctly separate entities. How will your retirement or death affect the day-to-day decision making of how the business is run? Will your children take active roles in the running the business, or will they exist as owners only? Clarifying your expectations in legal terms and making these decisions in advance will help ease the transition of ownership, as well as management, without further risk of detriment to the business as a whole.
  • How can you minimize the tax burden upon transfer? When businesses transfer ownership, taxes are a reality regardless of the relationship between the parties. Review your options with an expert in the field in order to make the decisions that will best support your family members and the business.

Remember that inherited assets, such as family businesses, are often the cause of tremendous emotional strain and stress for individual family members. It is best to address any actions that might be seen as fair or unfair ahead of time, so that family members know what to expect and why you are making the decisions that you are making.

They may not realize, for instance, that the tax implications of inheriting a business might be more burden than they could financially handle or that decisions involving management vs. ownership have been taken into account.

Contact us about our Succession Planning Services to determine the value of your business, before restructuring your business, to review the tax consequences and tax projections of your actions, and to help you plan for retirement.

Ready to come in for an appointment?

Our schedule is very full…but if you call us at (781) 340-1829 or email us we’ll give you two options for coming in right away! We will NOT make dealing with a tax professional as painful as it’s been in the past!

Alleviating Cash Flow Management Pains for East Weymouth Businesses

[1] Because we’re talking cash flow management today… with a recession looming on the horizon and the effects of inflation being felt so hard in everyday life, it’s difficult not to freak out over what lies ahead for your East Weymouth small...

Why Should East Weymouth Businesses Care About FASB and GAAP?

 Yes, inflation isn't slowing down, even here in East Weymouth.Though it's not the main thing I'll be writing about today, I did want to point out this economic elephant in the room for my Norfolk County business owner readers and clients, and not just speed...

An Accounting Methods Rundown for East Weymouth Businesses

Before I get into accounting methods basics today (a subject near to my heart) ... I hope you were able to get in on some Memorial Day activities this past weekend (though I know some East Weymouth business owners are in the thick of things during this commemorative...

EMJ Financial Services Inc’s Guide to the Profit and Loss Statement

As a small business owner, you’re often preoccupied with all the things that go into running your East Weymouth business – the daily logistics, managing employee workflow, paying the bills, bringing in more customers… making a profit. Let’s focus on that last...

Making the Most of Your East Weymouth Business’s P/L Statement

In the arena of not-so-good news, along with so many other things these days, it looks like IRS interest rates have gone up for Quarter 3. Inflationary insults to injury for East Weymouth business owners.These days are getting tougher. Hang in there.Now … the one...

Three Financial Statements East Weymouth SMBs Need To Get Right

If you’re a successful East Weymouth business owner in this high-pressure time, you’ve learned to master the art of the pivot. Pivot on pricing, pivot on operations, pivot on hiring, pivot on supply, pivot on financials... Successfully pulling it off is...

Time Management Software Choices for East Weymouth Businesses

Tax “season” is over – at least for most of us. For all of the tax-exempt organizations out there operating on a calendar year basis, just a little nudge regarding the May 16th filing deadline. We’re here to help.Now, however, despite the relief that comes with the...

Customer Relationship Management Software for East Weymouth Businesses

Apparently, it is National Small Business Week. And while I tend to think these kinds of “national weeks” or days, or what have you, are often pretty silly … well, as someone who has been in the trenches with the SMB community over the last few years, I...

What is the Best Payroll Software for Your East Weymouth Small Business?

Every East Weymouth business owner in today’s inflationary environment is looking for ways to economize and improve: overhead expenses, workload, staffing needs, office space, supply chains, etc. It all feels stretched. We’re *all* feeling it, even here in East...

Small Business Accounting Software: A East Weymouth Owner’s Guide

For as long as trade has existed, so has accounting. Goods are sold, profit is made, expenses are accrued, and everything gets recorded (presumably, ha!). And it wasn’t THAT long ago that electronic spreadsheets were considered “a big advancement” in...