Succession story – Estate planning for family business owners

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Abstract: Many families invest a lot of time, energy and resources into building successful businesses but pay little attention to how their companies will make the transition from one generation to the next. According to a 2008 study by Campden Research, Protecting the Family Fortune, a majority of affluent family business owners “are not implementing succession plans, don’t have asset protection strategies and are not updating estate plans, leaving their professional and personal interests vulnerable.” Failure to address succession is risky: According to the study, only 15% of family businesses survive past the second generation. To improve your odds and protect your family’s wealth, review this article for strategies to ensure your succession is successful and the tax impact is minimized.