Business Succession Planning
For most business owners, the value of their business may be the most significant source of income and represent the largest portions of their net worth. Unfortunately, families often underestimate the impact of federal estate taxes and the toll they take on the family business, and many end up selling their business in order to pay estate taxes. According to the Small Business Administration, fewer than one third of family businesses survive the transition from first to second generation ownership, and of those that do, half don’t survive the transition from second to third generation ownership. In most cases, lack of an intelligent business succession plan is the reason.
Schanker and Schanker PLLC has extensive experience in working with and assisting business owners, and we are well-versed in the planning techniques that can minimize the impact of estate taxes on the continuation of your business. In addition to the tax planning involved in business succession planning, ownership of the business by family members presents unique challenges to owners and family members alike. Whether your goal is to ensure the successful transition of your business from one generation to the next, to protect the business and its assets from the claims of creditors, or to develop an exit strategy that maximizes and protects your family’s return on the sale of the business, Schanker and Schanker PLLC can help make it happen.
When necessary, we will collaborate with other professionals, such as valuation experts and compensation specialists, to ensure that yours is the most prudent and effective business succession plan.
Located in Long Island, New York City, New Jersey