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Passing it on: planning is needed for a smooth generational transition of the family business.(ESTATE PLANNING)
- Article from:
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Indiana Business Magazine
- Article date:
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August 1, 2008
- Author:
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Copyright informationCOPYRIGHT 2008 Curtis Magazine Group, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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IN OUR EVERYDAY LIVES, failure to plan can lead to missed opportunities and disappointment. But when we're talking about continuity of the family business, failure to plan can mean the forced sale of the company at a bargain basement price.
"Many people think it's estate taxes that doom businesses to fail whenever there's a transition," says R.J. McConnell, partner, Bose McKinney & Evans, Indianapolis. "But while that can be an obstacle, that can easily be dealt with with life insurance or financing the taxes if they have to. The bigger problem is just flat failure to plan."
He recommends three things to improve the chances of transferring the company to the next ...
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