Choosing a successor for your business can sometimes be difficult. Often the dream is to pass the business to a family member, but those family members may have other plans for their life. In this video, Long Island CPA and Partner Tom Terry shares what to do when your family chooses a path outside the …
Continue reading Succession Planning: Choosing your Successor
Many business owners get to the end of their careers and then start thinking about how they are going to transition to the next stage of their lives, but also monetize the business they have spent years creating. They often expect that money from the sale or transition of their business will help to fund …
Continue reading 5 Questions to Answer for Successful Ownership Transfer
Business Succession Planning—What Is It? One of the important decisions a business owner must face is when and how to step out of the business--in other words, business succession planning. Do you expect to retire from your business? Do you have a plan in place? What would happen to your business if you were to …
Continue reading Planning for Succession of a Business Interest
In general Perhaps you are self-employed or own a small business. Or, you may be directly involved in running a corporation or a tax-exempt organization. In any of these cases, you generally have the option of establishing a retirement plan in which you and/or your employees may participate. One of the main advantages of a …
Continue reading Retirement Planning Options for Business Owners
What are some of the issues concerning keeping the business in the family? You may want to keep your business in the family, as opposed to selling it to an outside party or another business. If this is your plan, you should be aware of some of the issues that can contribute to the success …
