Remarkably, only 15% of family businesses pass to the next generation, and even fewer survive to the third (according to a global study conducted by U.S. Trust, Bank of America Private Wealth Management, Prince and Associates and Camden Research). What is even more disappointing is families that believe their business will survive the death of the founder discover the truth too late. How is it possible that the hard work it takes to build a successful business can be gone in a nanosecond?
In the video below, George Menden summarizes how death taxes and creditors can make or break the survivability of your business for the next generation and how proper succession planning can protect your legacy:
https://www.youtube.com/embed/tvOwLOZhw5w?feature=oembed
Click here to read the accompanying article.
If you would like to discuss succession planning for your family business, contact us today.
