Every small business is created by a person who will eventually look forward to retirement. The business is an asset and, like any other asset, can be passed to children or sold to them or a third person. The transfer of the small business can be orderly and intentional but takes planning. You may know a family who did not plan, and after the death of the founder, the business had to be sold to pay taxes or was “run into the ground” by a family not prepared to take over the business.
To whom will the business transfer? Will the transfer be by sale or gift? Will transfer occur at death or during life? Can the business return a retirement income? What are the tax consequences of transferring the business? Will the business be sold? If so, when, at what price, and for cash or on installments? How does the owner secure the promise of a purchaser to pay for the business in installments?
Contact experienced attorney John Grundy Today
These questions all have to do with what we call “succession planning.” Attorney Grundy in Cortland has a great deal of knowledge, experience, and skill to help you and your family address these succession issues. Call 330-637-9030 today for a consultation to discuss your small business and its succession.