Owning a business is a pride on its own but when the time comes for retirement, you need to do a lot of things which have to be planned out thoroughly and efficiently. Look into Advantage Accounting & Tax to have this done simply and according to satisfaction. We have assisted many business owners, small and large in carrying out their succession planning with ease so that their business is diapered properly among their children.
‘What happens to the business when you’re no longer running it? and Will you have enough money to retire?
Retiring from your family business – Get it evaluated right away!
Advantage Accounting & Tax has been managing succession planning for decades. We advice, that the first step to take towards settling your business among the children is getting it properly evaluated. It is important to determine the exact value of the business and the amount of taxation that is being paid on it currently as well as in the future for your descendants so that they can settle it down properly. Our experts offer the latest advice and ideas on such matters in a smooth way so that your business succession planning happens in a clean and simple way.
Only then can you determine how to split it among them in the right way, because along with such settlements comes emotions and feelings that have to be best managed for a successful settlement outcome. We help to make the change smoothly so that there are no difficult fallout as the transition is made from founder to children. Call us to find out how small business succession planning can be done in the most efficient way.
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
Think about restructuring it between descendants
You might even be thinking if settling the business to a third party is the best option. If so, then an evaluation on the true value of your business is a must to proceed in this direction. However, if settling it with your descendants is what is decided, you need an evaluation to find out how to restructure the business among them. We help to make the transition a fair one that gives satisfaction to all. Our staff will talk to each of your children and discuss the restructuring and its associated benefits as well as taxation so that they are well aware of what has to be faced.
Get your small business succession planning done professionally through Advantage Accounting & Tax!
Only one or two children might be in charge of running the business while others have equal ownership of it. In this situation, how will the business be restructured and how will the designated child or children run, administer and manage the business from the point of your retirement. After this, taxation burden must be studied so that your descendant pay the due taxes on time and also be diligent to take those steps by which tax burden is drastically reduced. Reach out to Advantage Accounting & Tax to get more details and carry out this part of succession planning in quietly, confidentially and conveniently.