Is this the Elephant in your Boardroom?
If you own a family business, retirement isn't simply a matter of deciding not to go into the office anymore. You've got some critical questions to answer like...
"What happens when you aren't running it?"
"Will you have enough money to retire?"
Family dynamics can complicate the transition because of the relationships and emotions involved. Most people are not comfortable discussing topics such as aging, death, and financial affairs.
Comfortable or not, succession planning should be a priority for any family business considering that more than seven out of ten family-owned businesses fail to survive the transition from founder to second generation, typically falling prey either to estate taxes or family discord - or both.
Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next.
"A successful business is often the best thing that can happen to a family and the worst."
We help you with these key issues
What we do for you...
Once we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these 5 issues...
At Morris & Tonsfeldt, we've been helping businesses with issues like this in a sensitive, creative and cooperative manner for a decade or two. Unlike an attorney, we can see all sides of an issue and structure a plan that protects your assets...and your important relationships.
"There often seems to be nothing scientific about the management of a family company. Much of what goes on is rooted in emotion, and succession is the most emotional issue of all. Business professors hate this kind of situation; psychiatrists thrive on it." - Gordon Pitt
Call Dennis Morris, CPA if you would like to discuss the future of your business.