The business you have worked so hard to build is a double-edged sword. It can continue to enrich your family or, as is too often the case, destroy it. The difference revolves around emotions, jealousies, competition, talent-- and the lack of it-- among your heirs.
A set of highly effective strategies can help you to avoid the pitfalls, reward your loved ones, save the business and maintain The Family Harmony, as well as The Family Wealth, that is your pride and your legacy.
As part of the business planning process, SHG Financial Group identifies and addresses several key issues, such as who will run the business, who will work in the business, who will own stock and how much each interested party will be compensated. Our recommendations are made in the most tax efficient manner consistent with our client’s goals. We are particularly sensitive to the dynamics of a family relationship, including the complications of divorce, remarriage and maintaining equity between children who are active in the family business and those who are not involved in the business.
As business owners approach retirement age, especially those with children who are interested in the business, the implementation and design of a succession plan and the communication of such plan is vital.
To find out more, schedule a complimentary consultation today.
Steven Goodman is an agent licensed to sell insurance through New York Life Insurance Company and may be licensed with various other independent unaffiliated insurance companies in the states of CT, FL, NJ and NY. No insurance business may be conducted outside this/these states referenced. SHG Financial Group is not owned or operated by New York Life Insurance Company or its affiliates. Neither SHG Financial Group, its employees nor New York Life Insurance Company provides tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions.
