In family businesses, business owners often wish for the entity to continue after their retirement, either to another family member or to a key employee. Succession planning is among the most important and least accomplished tasks in many privately held businesses, as many fail to plan for such an event. JGS has assisted many of our clients in successfully implementing succession models, which ensures the company's longevity. We have set up many of these plans over the decades to the complete satisfaction of our clients. We have, in some cases, worked with 4 generations of family ownership.
Areas of Consideration in Succession Planning:
To whom will you transfer the ownership of your business?
How much is it worth? Is a business valuation necessary?
How will the transfer be financed?
How will the transfer be taxed?