TITLE

The Three Levels of Family Business Succession Planning

AUTHOR(S)
Giarmarco, Julius
PUB. DATE
March 2012
SOURCE
Journal of Financial Service Professionals;Mar2012, Vol. 66 Issue 2, p59
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Despite the numerous benefits of a formalized business succession plan, many family businesses fail to make it a top priority. Every family business owner is going to have to decide when it will be the right time to step out of the business and how he/she will do it. Business succession planning is broken into three main issues: management, ownership, and transfer taxes. This article addresses all of these issues and describes many of the techniques business owners can use to transfer their businesses to the next generation while minimizing both family discord and transfer taxes.
ACCESSION #
72323439

 

Related Articles

  • Addressing transfers of ownership in family businesses. Young, Bruce // Grand Rapids Business Journal;11/29/2010, Vol. 28 Issue 49, p11 

    The author discusses the techniques for transferring management and ownership of family-owned businesses. He tackles shareholder agreements, voting and non-voting interests, and provisions in an owner's trust or will. He relates that succession planning must address also the needs of the...

  • Succession Planning Two Ways: Business Items And Emotional Items. Powell, Larry; Venturella, John // Production Machining;May2006, Vol. 6 Issue 5, p22 

    The article advises business managers owners the emotional and business items associated with succession planning. The authors suggest some techniques that can be used to transfer the family-owned business to the next generation while minimizing the gift or estate tax. They also ask business...

  • Family Business Succession Planning. Giarmarco, Julius H. // Advisor Today;Aug2010, Vol. 105 Issue 8, p18 

    The article offers some tips on how to manage a family business succession planning in the U.S. It highlights three essential steps on business-succession plan including management, ownership and reduction of transfer taxes. It also notes the important role played by life insurance on the...

  • Members only. Hochberg, R. Mark // Financial World;7/1/97, Vol. 166 Issue 7, p114 

    Discusses about limited -liability companies, a useful business entity for family businesses that need estate tax planning. Advantages of considering a limited-liability company; Tax benefits; Reduced liabilities; Characteristics of a limited- liability company.

  • Line of Succession. Mills, Stephanie // Pool & Spa News;Nov2014, p1 

    The article discusses the succession planning in family-run pool businesses. It notes that succession in business becomes difficult when there is no one to whom business owners can transfer the business ownership. The option of transferring ownership to employees through employee stock options...

  • A family affair. Harvey, David // Commercial Motor;9/22/2011, Vol. 216 Issue 5451, p48 

    The article focuses on the difficulties in the introduction of a new generation to the family business. It says that handing the company to a new generation may be a threat to the business and personal wealth particularly the inheritance tax. It mentions that to make generational change...

  • Business Succession Planning.  // Canadian Funeral News;Apr2010, Vol. 38 Issue 4, p30 

    The article discusses considerations of family business successions. It explains the definition of a family business, where more than one family member works in the business or is the owner of the business. It notes the importance of a business system where a family system can overlap with the...

  • Do You Have a Succession Planning Problem? BLACKMAN, IRVING L. // Modern Machine Shop;May2012, Vol. 84 Issue 12, p38 

    The article reports on the common succession plan problems and how to address them. It presents different scenarios which show common family situations during succession planning which include when a business owner does not have a child, has one child, and two or more children. It also...

  • Succession, Estate and Lifetime Planning. BLACKMAN, IRVING L. // Modern Machine Shop;Feb2011, Vol. 83 Issue 9, p36 

    The article discusses the succession planning for family business owners without the reducing the wealth with the estate tax. The first step is to set up an intentionally defective trust (IDT), which will accomplish the goal of avoiding tax when the business is transferred. The next step...

Share

Read the Article

Courtesy of NEW JERSEY STATE LIBRARY

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics