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Business ContinuationThink of it as passing the baton. As a business owner, you are the lifeblood of your organization, the driving force behind its success. So, have you considered what will happen to your business when you are ready to retire? Do you have children or other family members ready to continue the family business? Or is there another successor in line who will be able to pick up the reins? Most of all, if you died prematurely or became disabled, will the business you worked so hard to build be able to continue...and will your family be financially provided for? Tough questions, yes, but ones you need to ask. One reason is that - because of estate taxes and lack of cash - 70% of all family businesses in this country do not survive through the next generation, while 87% fail by the third generation, primarily due to estate taxes and lack of cash. Many of those that make the transition do so because the owner took the time to map out a business continuation plan. |
