Business Succession Planning

Many entrepreneurs who have built successful companies are concerned about business succession as they get older. They often want to pass the family business to the next generation but believe this cannot be done without paying significant capital gains tax. We can often reduce the tax greatly with advance planning.

We assist with business succession planning by

  • meeting with the client to determine the facts and circumstances, reviewing the personal tax position of the owners and the circumstances surrounding the company, and estimating the company’s worth;
  • obtaining a valuation of the business;
  • developing a plan for transferring the family business to the next generation (which may involve an estate freeze, the use of trusts, and, where appropriate, working with life insurance professionals);
  • working closely with legal counsel to implement the plan and assist in any tax filings that may be required.

Once the plan is in place, we can monitor it year by year and adjust the plan for changing circumstances, personal objectives, and changing tax laws.

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