A succession plan will allow an owner to pass down a family business to kin. When doing so, there are many details in which to consider that Lake Accounting & Tax LLC, can assist our clients. Transferring family ownership often adds a tremendous amount of stress to a family. We are happy to meet with individual family members to ensure they are on board with an agreement.
We first analyze both your company and the current market to help you decide the best route for success. For instance, you may decide to transfer management of your business to just one of your children or employees, and transfer equal shares of business ownership to all children or employees. We explore all options that best fit your family’s unique needs.
We can also assist our clients with filing taxes when a family business is transferred to the next generation. A family business is not generally a liquid asset, therefore taxes are typically due when ownership is transferred.
Contact Lake Accounting & Tax LLC, for a free consultation to explore succession planning.
If you have questions about this topic or in general, please call us at 203-634-7549 or click the button below to set up a free consultation. We’re here to help you solves your financial questions.