Business Owners

As a business owner, you face a unique set of issues as you grow and build your business.  In most cases, the majority of your net worth is tied up in the value of your company.  As you approach retirement age, you ask the question – what am I going to do with this company that I have worked so hard over the years to build? 

Most business owners feel they have addressed this issue because they own life insurance.  That, however, is only part of the equation.  At Kanaly we work very closely with you as a business owner to help you understand the financial, personal and emotional implications of changing the ownership of your business.  Much of the work we do with business owners involves the tax-efficient transfer of your ownership. 

There are two types of planning that are generally needed. 

• First, we look at contingency planning. This provides for the family and the business in the event of the untimely death or disability of the owner. We plan for how the business will survive and continue, how your family is going to be taken care of and who the best people are to sit in your chair and move the business forward.
• Next, we formulate a living transition plan.  We plan for this eventual change in ownership and help you re-define your relationship with your business and how it will be short- and long-term.

Generally, you have four choices.  

• Sell or give your business to a family member.
• Sell your business to your management team or key employees.
• Decide to sell to a third party. 
• Finally, it is also an option to retain ownership in your business and let your management team run it, but reducing your involvement in its day‑to-day activities. 

Every business owner must eventually face these questions. Either voluntarily or involuntarily the ownership in the business will change at some point.  Planning for that event correctly is critical. The net worth from your business that you want to transfer to your family or elsewhere is at stake if it is not managed properly. 

Gaining an understanding of what the implications are of transferring the business through one of these paths is important. You need to be armed with the information to make the right decision.

Here are some of the specific areas we will focus on for you as a business owner:

• Long-term Business Goals
• Diversifying your Asset Base
• Business Succession Issues
• Family Dynamics and Ownership Issues
• Estate Planning
• Risk Management
• Establishing Family Limited Partnerships
• Establishing Entities
• Tax Strategies 

If these are things you are thinking about or concerns that you have, let’s talk.