Top Considerations for Small Business Succession Planning
By Joseph M. Donegan on July 2nd, 2012
Developing an effective succession plan is not a one-size-fits-all strategy. There are several personal elements business owners must factor in to ensure success and prevent costly problems from endangering their company and legacy.
First and most immediate are the tax implications of handing control over to another individual. There are several viable options under federal tax law that enable owners to protect their assets during the transition to a new owner. Conducting timely valuations of a company’s worth and utilizing the advantages of trusts and ownership options can shield new leadership from excessive tax burdens.
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