Planning Guide for the Family Business
When you own your own business and you meet your demise, not only has your family lost you, but your business has lost its leader. Can your business be liquidated or continued in a manner that maximizes its value to your family? Have you created a situation where someone has the know-how and skill to replace you? If that’s not possible, can the business be sold? On the upside, tax laws love a family business, so your tax burden might be deferred or reduced.