Posts Tagged ‘family-owned business’

What Legacy Do You Want to Leave?

Friday, April 12th, 2013

Last year, I was consulting with a client who owned a business that was worth over $20.0 million. He said that one of his advisers told him “Why waste your time and money developing an exit and succession plan? You will be dead and won’t care and let others take care of it after you die.”

I guess that’s a good plan – if you don’t mind the chaos it creates for your family members and if your legacy is not important to you. (more…)

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How Do You Choose a Business Exit Strategy?

Thursday, January 17th, 2013

Exit strategies are the options that you have to leave your business.  There are only a few exit strategies that Ohio business owners can choose from and each will provide you with a different level of proceeds when you leave. All strategies will require planning and time to implement.

It’s never too soon to start planning your exit. You will eventually leave your business, and it’s better to do so before a life-changing event forces you out. The sooner you plan, the more options you will have. (more…)

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Now is the Time to Gift to Your Family

Thursday, July 19th, 2012

Expiring Provisions Will Cost you Big

There is a gentleman I know who started a successful business and has become a wealthy man. He always tells me that he wants to provide for  his children and grandchildren – however, he needs to wait to make sure his wife will have the money the need to live comfortably for the foreseeable future. It’s something he adds to his to-do list for the fantasy “next year.”

It’s respectable that he’s worried about the economy, and the impact it may have on his personal lifestyle. However, Uncle Sam is taking the luxury of waiting away from many people. If you’ve ever considered making a gift, there may not ever be a more opportune time. (more…)

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Is Now the Time to Gift a Business Interest?

Tuesday, July 10th, 2012

2012 Gift Tax Exemptions and Business Planning

As you go about your day-to-day work within your business, you might not be thinking about what will happen when it’s time for you to leave the company. However, recent changes in the gift tax laws have created a window of opportunity that could allow you to transfer more of your business interests for less tax liability than at any other time in history. (more…)

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What do InvestOhio Changes Mean for You?

Thursday, June 28th, 2012

If you’re a tax payer who’s invested in a small business through the InvestOhio program, or if you’re a business owner who’s received a credited investment, you could find yourself impacted by new program changes or fees. (more…)

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What’s Your “Get Out of Business” Plan?

Friday, May 18th, 2012

You’ve worked hard to build your business and probably can’t imagine a time when it won’t be a major part of your life.  But, someday, you’ll approach retirement and you’ll want to spend more time enjoying your life and less time balancing your books.

Maybe you’ll want to leave your business to your daughter.  Maybe you’ll want to sell it and cash out.  Either way, business transition doesn’t just happen.  It isn’t serendipitous.  You need a “get out of business” or succession plan. (more…)

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How do you increase cash flow?

Wednesday, March 21st, 2012

Contrary to popular opinion, profits are not the pulse of business. You can’t spend profits. Most companies go out of business because they lack quality cash flow — not because they lack profits or assets. (more…)

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How can you protect your family business?

Tuesday, March 13th, 2012

Did you know that research shows that young men and women today will likely have more spouses than children? Unfortunately, that could have a huge impact on your family business. (more…)

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How do you follow IRS regulations when gifting a business interest?

Friday, February 17th, 2012

Lately we’ve been surprised by how many people are thinking about filing a gift tax return without a business valuation. We’ve had a few conversations with people who are under the impression that they don’t need to attach a valuation of their business interest to the gift tax return.

Before you file your return without a valuation from a professional, consider the consequences: (more…)

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Is Your Farm a Hobby or a Business?

Friday, February 10th, 2012

Farming is a pleasure activity for some individuals, and for others, it’s how they support themselves. If you farm for profit, how do you prove it to the IRS? (more…)

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Where does everyone stand in your business succession plan?

Wednesday, December 1st, 2010

When you own a family business, it’s easy to get caught up in the day-to-day activities. And it can be easy to put off having those important, strategic discussions with your family about the future of your business. However, communication between you and your family becomes an essential ingredient of a successful business transition. (more…)

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Have you included a business valuation in your succession plan?

Friday, November 5th, 2010

In an earlier post we discussed the important step of making the decision to begin the succession planning process. Once you have made the decision to begin the process, knowing the value of your business is the second crucial step in the transition plan. (more…)

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Is Now a Good Time to Gift Interest in My Business?

Monday, May 10th, 2010

If you’ve been considering gifting interest in your family-owned business or real estate holdings, you’ll certainly get the most “bang for your buck” right now.

The Great Recession wreaked havoc on business values, making your business worth considerably less than it once was. In our recent business valuations, we’re finding business values far below what they were two or three years ago. This means you can pass more stock in your company now than you could in a healthier economy. (more…)

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