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Small Business Succession

When it comes to small business succession, being proactive and having a plan for your business and family can make all the difference. At DeFreitas and Minsky LLP we understand that retirement isn’t easy, especially when your family is tied to the business.
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How will Small Business Succession help me?

When it comes to small business succession, being proactive and having a plan for your business and family can make all the difference. At DeFreitas and Minsky LLP we understand that retirement isn’t easy, especially when your family is tied to the business. When you own the business it isn’t just a matter of not wanting to go into the office anymore. Working with family, specifically dealing with the deep-rooted relationships and obligations, complicates the transition. You have to be ready to discuss the harder topics like aging, death and financial affairs, in order to maintain control and profitability in your business.Comfortable or not, succession planning should be a priority for any family business considering that more than seven out of ten family-owned businesses fail to survive the transition from founder to second generation.

The In’s and Out’s of Small Business Succession

There are many reasons to have a well-established plan in place ahead of time — but let’s take a look at two of the big ones:
TaxesYou don’t want to leave your family to deal with your outstanding finances. Upon an owner’s death, estate taxes may be due. These taxes are due nine months after the date of the death. The payment for these taxes is in cash, and estate taxes may include additional costs including probate, final expenses and additional fees.Business ValueWith the absence of a small business succession plan, what happens to your business in the interim may greatly harm its value. Think about an accounting company that does not have a successor. As the family of the owner tries to work through their affairs, clients are not getting the service for which they originally paid. The business your family worked so hard to build is slipping the cracks.Developing and implementing a well-designed small business succession plan is essential to the survival of a family business from one generation to the next.We help you with these key issues:

  • Who will take ownership? Are you going to keep the business in the family? Will you sell it to a third party? We help you understand the pros and cons of each option.
  • Who’s going to run the business when you’re gone? Management and ownership are not the same. You may decide to transfer management of your business to just one of your children but transfer equal shares of business ownership to all your children, whether they’re actively involved in the business or not.
  • Making it fair. Transferring family ownership often adds a tremendous amount of stress to individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie.

Plan for the future, know your options, and request a Free Consultation below.

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WHAT OUR CLIENTS ARE SAYING!

DeFreitas & Minsky maintains high standards, produces detailed information and gets involved with our company so they can understand the operation on a more personal level. The information they provide is always accurate and current. We have been with them for more than 30 years!
Pamela
PamelaSyosset Truck Sales Inc.
4 years agoThis is my second year filing my taxes with DeFreitas & Minsky. I was referred by a friend. Honestly, It’s a blessing sent. Everyone there is professional and knowledgeable about tax codes. They even keep me abreast via email whenever there’s a new tax law and what it entails. I feel safe and sound when doing business with them.
Junior Prophete
Junior Prophete
True professionals and attentive to all of my needs. Manny, Melissa, and Michael are all super helpful. They took the time to help me with my taxes, financial planning, and estate tax needs. I highly recommend them.
Deena Polsinelli
Deena Polsinelli
We’ve been working with Manny for the last 10 years. Whenever we have a question he’s there and if he’s in a meeting during Tax Season (it happens), Jay is always there. Thank you Gentlemen.
Thomas Jacoberger
Thomas Jacoberger
FAQ

Frequently Ask Questions.

Professional auditing services provide an independent assessment of your financial statements, ensuring accuracy and compliance with regulations. This enhances the credibility of your financial reports, identifies areas for improvement, and can help in detecting irregularities or potential areas of risk.

Effective tax planning strategies help minimize tax liabilities and ensure compliance with tax laws. For businesses, this means optimizing tax efficiency and planning for future tax obligations. For individuals, it involves personal income tax planning, investment tax considerations, and estate tax planning.

Key considerations include identifying your objectives, such as asset protection, minimizing estate taxes, or providing for heirs. Understanding the types of trusts available and how they align with your goals is essential. Professional guidance ensures your estate plan reflects your wishes and provides for your beneficiaries efficiently.

We provide tailored solutions for family-owned and small businesses, including financial management, tax planning, and succession planning. Our services help these businesses in navigating unique challenges, ensuring smooth transitions to future generations, and maintaining financial stability.

We offer customized financial planning services that cater to the unique needs of same-sex couples, including tax planning, estate planning, and retirement strategies. Our expertise ensures that our clients navigate the legal and financial landscape effectively, regardless of their marital status.

Yes, we can streamline your payroll processing, ensuring accuracy and compliance with tax laws and employment regulations. Our services include payroll calculation, tax filing, and handling employee inquiries, allowing you to focus on running your business.

Non-profit organizations must navigate specific tax exemptions and filing requirements, such as filing Form 990 and maintaining their tax-exempt status. Our services ensure compliance, optimize tax efficiency, and assist with financial reporting and governance.

Personalized financial planning aligns with your unique financial situation and goals. It encompasses retirement planning, investment strategies, risk management, and estate planning. Tailored advice helps you make informed decisions, maximize wealth, and achieve long-term financial security.