Plan For Your Succession

WARNING: Passing Your Business to a Family Member or Associate Can Be a Risky Proposition.

7 out of 10 family owned businesses will not survive the transfer of the business from one generation to another. Lack of planning and discomfort discussing topics such as aging, death, and financial affairs will more often than not result in loss of a business due to estate taxes, family discord, or some combination thereof.

If you want to assure that the business you worked so hard to build will be there to support future generations, you must clarify your plans for succession and finalize, as well as legalize your priorities.

Get professional advice for dealing with these key issues and more…

  • What will happen to your business? Do you wish to keep it in the family, sell it to a third party or pass it on in some other manner? We can help you weigh the advantages and disadvantages of each of your options, as well as help you determine how the business can best provide for you as you enter your retirement years.
  • If you are not running the business, who is? Ownership of the business and management of the business are often two distinctly separate entities. How will your retirement or death affect the day-to-day decision making of how the business is run? Will your children take active roles in the running the business, or will they exist as owners only? Clarifying your expectations in legal terms and making these decisions in advance will help ease the transition of ownership, as well as management, without further risk of detriment to the business as a whole.
  • How can you minimize the tax burden upon transfer? When businesses transfer ownership, taxes are a reality regardless of the relationship between the parties. Review your options with an expert in the field in order to make the decisions that will best support your family members and the business.

Remember that inherited assets, such as family businesses, are often the cause of tremendous emotional strain and stress for individual family members. It is best to address any actions that might be seen as fair or unfair ahead of time, so that family members know what to expect and why you are making the decisions that you are making.

They may not realize, for instance, that the tax implications of inheriting a business might be more burden than they could financially handle or that decisions involving management vs. ownership have been taken into account.

Contact us about our Succession Planning Services to determine the value of your business, before restructuring your business, to review the tax consequences and tax projections of your actions, and to help you plan for retirement.

Ready to come in for an appointment?

Our schedule is very full…but if you call us at (720) 414-2748 or email us we’ll give you two options for coming in right away! We will NOT make dealing with a tax professional as painful as it’s been in the past!



What our Clients are saying

Mike’s assistance in revamping our financial reporting package has been incredible! He was able to simplify our financial reporting package that is distributed to our Board of Directors while simultaneously increasing the useful information that is provided to our finance committee. And in the process…we have saved thousands compared to our previous consultant. Mike is highly responsive to our needs and works through any new issues that might arise. If your non-profit needs better reporting to your Board of Directors, give him a call! Your stake holders will be impressed with the quality of concise information that they receive.

– Frank Xavier

Incredible!

Mike Hurdle and Atlas Financial has helped our small business grow by giving us specific accounting consulting, for our specific business needs. Mike started out by taking on our taxes which needed to be quickly filed, and that were left in a mess from past accountants. He got everything cleaned up, in by the deadlines, and even got us a refund. After doing a great job with our tax filing, he restructured our QuickBooks accounts to streamline the way we categorize everything. It made things less stressful, clearer, and more productive when handling our accounting. He continued his services by giving us one-on-one training in QuickBooks that was tailored to how we specifically use the software for our business. It further helped us create the infrastructure in our accounting we needed to maximize our time and needs. Now we’re learning the proper ways to maximize our deductions, and gain the benefits of lower taxes, which is important to maximize our profits. We’ve also had Mike help us set up and use QuickBooks Payroll and he’s continued to do our taxes, including our personal taxes. Mike is personable, he helps us in our home office or remotely as needed. We can’t say enough about the help he’s given us and we highly recommend his services.

-Meagan (and Kevin) Randall

Helped our small business grow

NEW STRATEGY FOR YOUR FINANCES