Planning For Business Owners
Build It. Protect It. Pass It On.
A UNIQUE ASSET CREATES UNIQUE RISKS & OPPORTUNITIES
Estate planning for business owners is a unique challenge. There is definitely no one-size-fits all strategy. What makes a business owner’s estate plan unique is that they typically have a large portion of their estate represented in a single asset: their business.
Building a business is hard work. From the initial planning stages, to execution, to the day-to-day management of the business, there is a lot to do. With so many pressing obligations, it’s no wonder that estate and succession planning are usually the last things considered by business owners.
But, as a business owner, your business is probably one of the largest and most important assets you have. Protecting it, yourself, and your family must be made as much a priority as the day-to-day management.
Business owners often have a difficult time planning for beneficiaries. This is so because with most business families, some of the siblings are working in the business and some are not associated with the business. There are planning opportunities for business owners wishing to include all children in their planning while not harming the business.
In addition to the planning for the business assets it is important not to lose sight of planning for the more traditional non-business assets common to most clients.
Common Goals Among
Business Owners
Enhancing the value of the business
Preserving the value of the business
Exchanging the value of the business for money with the least amount of taxes
Meeting personal and family needs by providing security and continuity of the business in case of the owner’s premature departure
Leaving a legacy
Shifting wealth to younger generations
Keeping the business (or selling the business) at the owner’s death
Taking the business to the next level
Rewarding key employees
Giving money to charity
