If you own a family business, retirement isn't simply a matter of deciding not to go into the office anymore. You've got some critical questions to answer like...
"What happens to the business when you're no longer running it?"
"Will you have enough money to retire?"
The family dynamic complicates the whole transition because of the relationships and emotions involved. Most people are not comfortable discussing topics such as aging, death, and financial affairs.
Comfortable or not, succession planning should be a priority for any family business considering that 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.
Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next.
We help you with these key issues -
- Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options.
- Who's going to run the business when you're gone? Management and ownership are not one and the same. You may decide to transfer management of your business to just one of your children but transfer equal shares of business ownership to all your children, whether they're actively involved in the business or not.
- Minimizing the tax bite. The tax burden when transitioning a family business can be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due when ownership is transferred.
- Making it fair. Transferring family ownership often adds a tremendous amount of stress to individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie.
What we do for you...
- Once we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these 5 issues...
- Business Valuation
- Business Restructuring
- Tax Consequences
- Retirement Projections
- Tax Projections
Contact Paramount Tax if you'd like us to help you pass on what's taken a lifetime to build.
Call 801-890-4777 today!
Request Appointment Now!
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Paramount Experience
Many people do not know how a professional tax and accounting firm differs from a bookkeeper or tax preparer. The main difference when working with a professional tax and accounting firm, such as Paramount Tax, is that our firm utilizes the services of licensed tax professionals who are distinguished from other finance professionals by stringent qualification and licensing requirements. Paramount has worked hard to create relationships to deliver the value that our clients expect. In fact, our goal is to be the No. 1 Succession Planning firm in America. So when you ask yourself, "Where can I find Succession Planning services near me?"... think no further than Paramount Tax!
Upgrade to Tax & Accounting Firm
Whether you are filing personal taxes or you own a business, if you are not already using a professional tax and accounting firm, you have most likely already missed out on major tax benefits, deductions and credits. This is because a professional tax and accounting firm utilizes licensed professionals who can not only advise individuals on personal financial matters but who are qualified to advise businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial topics. Our strict standards ensure that we understand the complicated tax laws and how to implement strategies that return the most benefits to individuals and businesses. Give Paramount Tax a call or visit our tax and accounting firm for a free consultation.
Annapolis, MD
1997 Annapolis Exchange Parkway, AnnapolisMaryland, 21401
Glendale Heights, IL
2005 Bloomingdale Rd, Glendale HeightsIllinois, 60139
Henderson / Boulder City, NV
170 S. Green Valley Parkway, HendersonNevada, 89012
Jensen Beach, FL
3300 Northeast Sugarhill Avenue, Jensen BeachFlorida, 34957
Las Vegas, NV (South)
8275 South Eastern Avenue, Las VegasNevada, 89123
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20420 NE 16th Pl, North Miami BeachFlorida, 33179
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1586 Southwest Bayshore Boulevard, Port St. LucieFlorida, 34983
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16776 Bernardo Center Dr, San DiegoCalifornia, 92128
Rancho Cucamonga, CA
8577 Haven Ave, Rancho CucamongaCalifornia, 91730
Richmond, VA (East)
7300 Hanover Green Drive, MechanicsvilleVirginia, 23111
Salt Lake City, UT
1392 South Utahna Drive, Salt Lake CityUtah, 84104
South Jordan, Riverton UT
10808 S. River Front Parkway , South JordanUtah, 84095
Sugar Land / Richmond, TX (North)
15500 Voss Road, Sugar LandTexas, 77498
Sugar Land / Richmond, TX (South)
77 Sugar Creek Center Blvd, Sugar LandTexas, 77478
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6931 Topanga Canyon Blvd #1, Canoga ParkCalifornia, 91303
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