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:
Plan for the future, know your options, and request a Free Consultation below.
516.689.1515
30 Jericho Executive Plaza Suite 500W, Jericho, NY 11753
Info@dmcpallp.com