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 (949) 734-7811 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!

Use These Financial Reports For Business Decisions By Pacific Tax Advisors

Just in time for the weekend, the IRS issued Friday-evening guidance about the overly-hyped (at first) payroll tax "holiday".There was initial hope that this might be a great shot-in-the-arm for Newport Beach businesses and employees, but given how the thing is...

How Your Newport Beach Company Can Do More With Less Time

If you didn't get a chance to do this before, would you shoot me back a quick note through the email button at the top of the page? I'd like to hear from you...How are things going for your Newport Beach business right now?I'd like to get just a few sentences about...

How Newport Beach Businesses Get More Done With Less Time

Would you shoot me a note?How are things going for your Newport Beach business right now?Doesn't have to be long ... just a little status update, is all. There might be some things we can do to help, if needed (or traps we can help you avoid if things are rolling...

How Newport Beach Businesses Can Market More Effectively In This New Normal

I have some ideas for Newport Beach small business owners to chew on today about how to connect more clearly and deeply with your clients and prospects, but before I get there, some news:There is still no word about automatic PPP forgiveness for smaller loans (under...

Solving Problems in Newport Beach Businesses with Effective Solutions

There's this idea out there among many wannabe Newport Beach business owners that they have to come up with the next completely fresh idea in order to have a great business. Shows like Shark Tank (which I love) go towards creating this kind of mindset - although the...

Three Keys To Shorter Meetings For Your Business

Last week I wrote about working less and testing the 80/20 hypothesis for your Newport Beach business work cycle. I'd love to know if you had a chance to consider putting this into practice, send us an email using the email icon at the top right-hand corner of our...

A Few More Common Marketing Mistakes Made By Businesses

Seeing what has happened in our nation's fourth-largest city has been a sobering reminder of the fragility of life, and business. It's helpful to be reminded that threats and disasters can (and do) strike from directions that you might least expect. And while this is...

Keeping Your Business Focused On Revenue Growth and Customer Retention

We've been talking about meetings, efficiency, and how Newport Beach small business owners simply have to stay laser-focused on tasks that will bring them and their business towards actually achieving their goals. Especially with all of the political and cultural...

The Pareto Principle And Your Company’s Work Cycle

Slogging through the summer, and with the weather still hot, it can be really tempting to sort of press cruise control for the month of August until Labor Day hits us, and *then* really put that nose to the grindstone. But could it be that a rhythm of working a little...

Marketing Tips for Small Business Owners

As you may have heard, "Labor Day" originated during the time of 7-day workweeks of 12-hour days, in the late 1800's, as our country was in the throes of the Industrial Revolution. Times have certainly changed since then -- and our economy is no longer driven by the...