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We Can Structure
Your Business Planning
to Stand the Test of Time.
Preserve Your
Business Wealth.
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Family Businesses
The times are changing
for family-owned businesses. Are you ready?
The average age of Americans is increasing every year.
In fact, as the Baby-Boom generation matures, a larger part of our population is
approaching retirement age, and planning for the future has become more essential than
ever.
Within your family business, planning is essential for the security and
continued success of the business itself as well as for the current and future generations
of your family.
According
to a recent survey of more than 3,000 companies:
Nearly 43% of family-owned businesses will change hands within the next
five years.
With the exception of preparing a will, one in four family business
owners has not completed any estate planning.
Lack of succession, estate and investment planning may dramatically
affect or even prevent the successful passing of the reins to the next generation.
Fewer than one-third of family businesses have a written strategic
plan.
Few family businesses use a formal process for managing their assets.
If this concerns you, what can you
do?
First, ask yourself if you and your family have taken
steps in the business to handle these issues. Also, ask yourself if you have taken
steps to ensure your financial security after you turn the business over to your heirs?
Have you prepared your heirs for succession?
Planning - for the owner, for the family, for the company and for
succession is the solution. The key to success is making sure all of the plans work
together. Important questions need to be addressed in each area of planning.
Family Planning:
Is there any conflict within your family
affecting the business? Do those who are active in the family business remain close with
those who are not? Can family members pursue their own goals within the structure of the
family business?
Owner Planning:
As an owner, what is your role now? What do
you want it to be in the future? Will you remain involved, or will you totally step aside?
How will you remain financially secure? What are your sources of income? What are your
options?
Company Planning:
What is your companys value? What are
its strengths and weaknesses? Where do you want the company to be in five or ten years? Do
you want to expand? Or sell?
What steps do you need to take in order to reach those goals?
Succession Planning:
Who will take over your business? Should it
be a family member? How will the wealth of the company be distributed? How will estate
taxes affect the company? How will leadership be transferred? Your goals as a current
owner, your familys goals, and your companys goals must all be considered in a
successful succession plan.
We Can
Help.
Hunter Group, together with our professional colleagues
networked across the USA, share national experience as leaders in planning for the special
accounting and consulting needs of the family and owner-managed business. We have access
to the specialized training and expertise of more than 2,000 CPAs across the country.
We provide both sophisticated financial planning and comprehensive help
with business and interpersonal issues. This enables you to design and integrate the four
plans described above which you need for the future success of your family business.
Financial Services include:
- Wealth transfer and preservation - Improvement of cash flow - Business and personal tax planning - Business valuations and structures - Business profitability enhancements - Family compensation structures
Personnel Services include:
- Improving communication - Clarifying goals - Establishing commitments - Developing performance standards - Building trust and creating a process for addressing future business
and family matters
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