Perhaps, your running a family operated business in Nashville middle Tennessee. But your preparing for retirement, and the best solutions are unclear on how to preserve it for your family. Developing and implementing a well-designed succession and estate plan is essential to the survival of a family business from one generation to the next with paying unnecessary taxes. Powers & Associates offers decades of experience helping Tennessee business owners plan for retirement and secure your family assets.
- Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options.
- Who's going to run the business when you're gone? Management and ownership are not one and the same. You may decide to transfer management of your business to just one of your children but transfer equal shares of business ownership to all your children, whether they're actively involved in the business or not.
- Minimizing the tax bite. The tax burden when transitioning a family business can be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due when ownership is transferred.
- Making it fair. Transferring family ownership often adds a tremendous amount of stress to individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie.
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 five issues...
- Business Valuation
- Business Restructuring
- Tax Consequences
- Retirement Projections
- Tax Projections