How Can You Succeed in Your Business Succession Plan?
As the baby-boomer generation ages, an increasing number of family businesses will be experiencing transitions in ownership and/or management. Not all of these transitions will be successful; popular studies indicate that only 30% of family businesses survive beyond the first generation. In some cases, a transition may be undermined by a disconnect between the owner’s estate plan and the business’ succession plan. A transition can be both successful and profitable, however, with patience, persistence, and proper planning.
John Wagner and Doug Elmore recently discussed techniques that can help align a business succession plan with an estate plan at a joint meeting of the Gulf Coast Chapter of the of Florida Institute of CPAs and the Suncoast Chapter of the Financial Planners Association. Here is a link to their presentation materials:
Striking a Balance: Aligning the Business Succession Plan With the Estate Plan
E. John Wagner, II