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SUCCESSION PLANNING

 

One of the most difficult issues for business owners today is how to pass on the business upon retirement.  Most business owners may want to see the continuation of their business in the next generation.  The key issue is are you financially able to both pass the business on to your children, and keep sufficient money for your comfortable retirement.

Issues to consider include:

  • Does the next generation have the ability or the interest to carry on the business?
  • How do you choose one child as a successor over another?
  • When should succession planning begin?
  • Can the business support the incoming child or split to accommodate more than one child?

In most of these situations the business is sold to one or more of the children at its full market value. Some of the purchase price is paid immediately and the balance of it is paid over a period of time to the retiring parents who use this money in their retirement. These issues will create conflict.  Currie Lawyers can assist with proper long-term succession planning to alleviate this difficulty.

 



 
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