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Business Planning

Business Owners: Have You Planned Your Exit?

February 20, 2012 You’ve worked hard building your business, but have you thought about what will happen when you are no longer there running the show? According to one study (Small Business Review, Summer 2001), only 30% of all family-owned businesses survive to the next generation; only 12% make it to the third generation; and a meager 3% are functioning into the 4th generation and beyond. Why? Most business owners simply do not plan an exit. They do not do proper estate planning, which often results in unnecessary estate taxes that drain the life out of their businesses. And they do...

The Family Limited Partnership

February 10, 2012   Business Planning How to Transfer Your Business (and Other Assets) to Your Children Without Losing Control A family limited partnership will let you remove your business, and any future appreciation on it, from your estate now, and still keep some control. It is especially useful when the business might otherwise have to be liquidated to pay estate taxes. Stocks, real estate or insurance can also be used instead of a business. Here’s how it works. When you set up a family limited partnership, you transfer the assets into the partnership in exchange for partnership...