SUCCESSION PLANNING FOR PRIVATELY-HELD BUSINESSES – QUESTIONS APLENTY
decisions when you are not there ? Will your successor have sole control or will a group participate ?
16 . If there is a transfer of the business to third parties ? Will it be by sale , merger or some other form ? Will the transfer be complete or will an interest be retained ? What are the tax consequences of the transaction ? Is it a stock sale or asset transfer ? Are there third party consents required ?
17 . Do you have a group of advisors that includes , at least , an attorney , an accountant and an insurance broker ? Do you need a family business counselor ?
18 . Is your family aware of your plan ? Do they know where your important papers are located ? [ Do they know your passwords and web identifications ?]
Makes your head spin because these are not easy decisions . And , remember , no one solution fits all sizes . In general , though , most well-advised business owners will have a plan that sets out the answers to most or all of these questions ( and the plan can change ). You should too . Otherwise , you ( or your family ) could become the subject of another headline – “ Court orders dissolution of twenty year old business to settle fight between the co-owners ”; “ Estranged daughter ( or son ) seeks to take over business started by father now living in nursing home ”; or “ Bankruptcy liquidation sale – everything must go !”
Last question – are you prepared ? It makes no difference if you are approaching retirement or you have recently started your business – it ’ s never too early to start the process . ■
Allan J . Weiner . is a partner in Kelley , Drye and Warren , LLP ’ s Washington , D . C . office . He focuses his practice on general corporate and business counseling and transactions with a strong background in all aspects of domestic and international federal income , gift and estate taxation matters , and counsels clients in a broad array of industries on business . Mr . Weiner has substantial experience counseling real estate investment / development firms and other service and manufacturing entities and high-networth individuals in estate planning , income taxation , investment and other matters . Before joining the firm , Mr . Weiner was a partner at several law firms and served in the Office of the Chief Counsel at the national office of the Internal Revenue Service ( IRS ).
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