Business Succession Planning

Helping Small Businesses Succeed Through the Generations

Have you considered whether and how you business can continue to operate and remain be successful if you, its owner, or your partner should become disabled or die? If you own all or part of business it is critical to the business and your loved ones that you consider how owning a business affects your overall estate plan as well as the continued existence and success of you business.

Small businesses, family businesses and entrepreneurs succeed because of the hard work of the owners. A business owner often is so focused on the day-to-day operation of the business, that they often fail to plan for their own retirement. Successful owners need help in the passing of leadership to the next generation. Grimaldi & Yeung can answer questions about:

  • Transferring the entity to the heirs.
  • Handling the transfer of real estate & corporate assets.
  • Appraising the business for possible sale.
  • Minimizing estate and gift taxes.

Our goal is to insure that the business continues to thrive while you advance toward retirement.

With many business owner’s wealth tied up in their business, failing to make plans for an orderly transition of the management and ownership of the business could result in business failure, and unforeseeable tax or creditor liabilities.

What You Should Do

  • Develop a business succession plan which focuses on retirement, disability, divorce or death of an owner
  • Treat all owners equitably
  • Provide for owner’s spouse and minor children
  • Consider “inactive” children’s share
  • Have a tax plan in place
  • Identify key successors to the current operator