Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next. More than seven out of ten family-owned businesses fail to survive the transition from founder to second generation, typically falling prey either to estate taxes or family discord – or both.
Succession planning can be the transferring of a life’s work to family heirs, the handing down of a business to key employees, or the positioning of a company for sale. There are many considerations involved in finding the right succession plan for your situation.
We meet with you to discuss issues such as restructuring the business, choice of entity, tax consequences, and retirement income projections. But we are also acutely aware of and sensitive to the many personal issues that affect any family business situation. Our goal is to structure a succession plan that meets the needs of all generations.
Gray, Gray & Gray has worked with family-owned businesses for more than six decades, helping to create and execute exit strategies. We work closely with clients to facilitate communication and identify the most appropriate candidates for leadership positions. Our regular meetings regarding the scope of the plan keep participants informed about business operations and assets. We also bring in experts from other practice areas to assist with document preparation, projection, financial statements and business valuation.