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Home >> Estate Planning Articles >> Facing Reality: The Essence of Family Business Succession Planning

Facing Reality: The Essence of Family Business Succession Planning

November 11, 2015 by Robert Kulas.

Facing Reality: The Essence of Family Business Succession Planning

Facing Reality: The Essence of
Family Business Succession Planning

Written By: The American Academy of Estate Planning Attorneys

 A simple search online these days can turn up lots of advice regarding the importance and benefits of buy-sell agreements, deferred compensation agreements, and life insurance in family business succession planning.

While knowing this information is valuable when thinking about the transition of a family business from one generation to the next, none of it will come into play until a business owner is prepared to face reality and take action. Believe it or not, very few entrepreneurs implement any sort of succession plan, and those that do may fail to create the most successful strategy for passing on their business.

As an owner, the sooner you’re able to face the reality that your current stage of succession planning, or lack thereof, has predictable and negative consequences for your family’s business, the sooner you’ll be able to take action and create an effective succession plan to ensure your business will survive after you’re gone.

Let’s take a closer look at what is meant by “facing reality.”

Questions to Answer

Answering questions focused on the circumstances of your business after you’re no longer around can give you a better idea of where you are in terms of planning, and where you would like to be.

Here are some of the most important questions:

  • When you want to retire, is your family capable of running your business?
  • When you retire, will your partners voluntarily pay you the value of your interest in the business?
  • If you die prematurely, will your business have the necessary capital to survive?
  • If you die suddenly, will your partners voluntarily pay your heirs the value of your interest in the business?

Did you answer “no” to one or more of these questions? If so, you’ll begin to realize that both your heirs and the family business will be in jeopardy unless appropriate steps are taken in the near future.

Another Big Question

In addition to the above, here is another question to consider: when you die, will your heirs have to sell some or all of the family business just to pay the estate taxes?

If the answer is “yes,” then as an owner, you should take immediate action! Here are your options when moving forward.

  1. You can enter into a buy-sell agreement to ensure the owner or the owner’s heirs are paid the value of the owner’s interest.
  2. Purchase Life insurance or make other arrangements to fund payments required at the owner’s retirement or death.
  3. You can implement a gifting strategy to reduce or eliminate estate taxes otherwise due

Facing the reality of business succession planning can be challenging, but you can act now to ensure your business passes to your heirs as intended – protecting a lifetime of hard work. When planning your estate, the best course of action is to seek the assistance of an experienced estate planning attorney, so call our office today to schedule an appointment.

Kulas & Crawford

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Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
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I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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