One of the chief concerns facing family business owners is how to effect an orderly and affordable succcession of the business while ensuring that the business will provide for the future needs of the owner and his or her spouse and keep them comfortable during their retirement years. Failure to properly plan for a smooth succession during the owner's lifetime can result in monetary losses and even loss of the business itself.
It is estimated that more than 70 percent of the family owned businesses do now survive the transition from founder to second generation.
However, given adequate time and proper planning, a business succession plan can be implemented easity and often profitably.
Techniques For Minimizing Taxes
There are over 250 different techniques
Good, bad, or indifferent,
Each has its own consequences