The Three Levels of Family Business Succession Planning

Giarmarco, Julius
March 2012
Journal of Financial Service Professionals;Mar2012, Vol. 66 Issue 2, p59
Academic Journal
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.


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