Resolving to Succeed

 by Jeff Waddell

The end of the year and beginning of the new year is a time when many of us reflect on that which has passed and that which is to come.  Resolutions are made regarding exercise, fiscal responsibility and other personal items.  Personal health is a primary theme in this introspective endeavor, but for the business owner, what about the long-term health of your business?

An often quoted and almost equally often overlooked adage says that “failing to plan is planning to fail.”  While that sentiment is true during our lifetimes, just stop for a moment and consider what happens when a small business owner does not have a business succession plan in place.  More often than not, the next generation was either not involved in the business or not ready to “take command.”  If proper planning has not occurred, the estate tax burden on the estate of the deceased business owner could cripple the business moving forward.  Do not let this happen to your business.

Take the time to review the health of your business and determine your goals for the business after you retire, in one form or another.  Once you have a general plan, visit with your accountant and estate/business planning attorney to refine your goals through a variety of available vehicles including trusts, corporate restructuring, stock sales, and many others, to achieve a clear cohesive plan of action and begin to implement it.  Hopefully you will “tone those abs” in 2012, but also take the time to resolve to succeed for your business this year.

Explore posts in the same categories: Asset Protection, Estate Planning, Gift Taxes, Tax

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