Managing a Family Affair
Preserve the hard work you’ve invested in your family business by establishing a succession plan. The professional team at Barranco & Associates can ensure that your family-owned business won’t be among the 70 percent that fail to survive the transition from founder to second generation. We can provide impartial guidance while assisting you navigate the family dynamic, which is crucial, while also offering our expertise on business structuring, tax consequences and more.
Our success planning can help you with these key issues:
- Maintaining the family connection. Is it wise for another family member to take over or to sell the business to a third party? We weigh in on the advantages and disadvantages of each.
- Answering who will run the business when you step down. Understand the difference between management and ownership. In this scenario, one child may take over management functions, while other children may have equal shares of the business but have little to no involvement in day-to-day operations.
- Minimizing the tax burden. Transferring a family business can result in a significant tax burden because taxes are typically due when there is a change in ownership.
- Creating a fair ownership transfer. Emotions may run high, and that is understandable given the family involvement. We are here to provide impartial guidance to ensure everyone involved feels they are treated justly.
Trust the professionals at Barranco & Associates to protect the business you’ve built and pass your legacy to the next generation. Contact us today to discuss all your succession planning needs.