Succession Planning

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 if you'd like us to help you pass on what's taken a lifetime to build.


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Succession Planning

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Succession Planning awards

Winner! 2017 Angie's List Super Service Award.

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Dave Ramsey's Endorsed Local Provider.

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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, is that our firm utilizes the services of CPAs, EAs, and Attorneys 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!

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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 such as Certified Public Accountants (CPAs), EAs and Attorneys, 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 a call or visit our tax and accounting firm for a free consultation.

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Bountiful, UT
499 S 100 W, Bountiful
Utah, 84010

801-683-9734

Chandler, AZ
1490 South Price Road, Chandler
Arizona, 85286

480-247-6504

Cottonwood Heights, UT
101 E 7200 S, Midvale
Utah, 84047

385-529-0814

Draper, UT
12357 S 450 E, Draper
Utah, 84020

801-890-4777

La Mirada, CA
16700 Valley View Avenue, La Mirada
California, 90638

626-968-8680

Las Vegas NV, (West)
8430 W Lake Mead Blvd, Las Vegas
Nevada, 89128

253-232-2089

Las Vegas, NV (Central)
8170 W Sahara Ave, Las Vegas
Nevada, 89117

702-983-0115

Lehi, UT
3450 N. Triumph Blvd., Lehi
Utah, 84043

801-753-5767

Orem, UT
1431 S 550 E, Orem
Utah, 84097

801-433-7738

Salt Lake City, UT
136 East South Temple, Salt Lake City
Utah, 84111

801-683-4969

Sandy, UT
9295 S 1300 E, Sandy
Utah, 84093

385-501-1904

Saratoga Springs, UT
1305 N Commerce Drive, Saratoga Springs
Utah, 84045

801-683-4967

South Jordan, Riverton UT
2339 West 11800 South, Riverton
Utah, 84065

801-998-2127

St. George, UT
1283 E. Galilee Way, Washington
Utah, 84780

435-565-6700

Sugar House, UT
2150 S 1300 E, Salt Lake City
Utah, 84106

385-501-2045

West Jordan, UT
8783 S Redwood Road, West Jordan
Utah, 84088

801-899-3350

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