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Posts Tagged ‘succession’

The Achilles Heel of all entrepreneurs (save serial entrepreneurs): Cutting ties with the business you built.

If you’re a business owner, you may be enticed by the idea of selling your business and walking away with the cash … but chances are you’ll have a hard time cutting ties with the business you built. A recent article on Forbes.com tells the story of a business owner of 25 years who finally decided to sell his business, since his sons had no interest in running it. He spent hundreds of thousands of dollars and a year of his time prepping to sell, but walked away at the last minute. Forbes calls this “seller’s remorse,” and it’s a…

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The new estate tax law, in effect this year and next, offers a unique opportunity to family business owners who want to pass their business on to the next generation.

As a recent Wall Street Journal Article points out, taking advantage of the low gift tax levels (while you still can) could save your family business a hefty amount in potential estate taxes. But transferring ownership can raise complicated succession and estate planning issues that you should consider carefully before giving away any stock. The recent tax law changes brought the gift tax threshold up to $5 million for an individual and to $10 million for couples in 2011 and 2012. Yes, that means you can give away that much now, without incurring a penny in gift tax. But, since…

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