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Business Succession Planning Cary NC

Most business owners in Cary want to: build wealth and maximize the value of what is left behind for heirs; protect their wealth to insure that what they have spent a lifetime building isn't eaten away by taxes, inflation and/or the cost of medical care; distribute their wealth so that their loved ones may be taken care of, and see to it that their assets and possessions go where they want them to go in the time frame they want this to happen. This is the essence of estate planning.

North Carolina State University, Capital Region
919-715-7373 ext. 627
5 West Hargett Street, Suite 600
Raleigh, NC
 
North Carolina SBTDC
(919) 962-0389
1700 Martin Luther King Jr Blvd, Suite 115 CB# 1823
Chapel Hill, NC
 
Lifecare Counseling And Coaching
(919) 851-1527
1215 Jones Franklin Rd
Raleigh, NC
 
Century Small Business Sltns
(919) 782-3366
5561 Mcneely Dr
Raleigh, NC
 
The Business Clinic Pllc
(919) 844-3201
7024 Trenton Ridge Ct
Raleigh, NC
 
North Carolina SBTDC
(919) 715-7272
5 West Hargett Street Suite 600
Raleigh, NC
 
Accounting Solutions For Small Business
(919) 462-6188
608 Austin Ave
Cary, NC
 
Market Your Purpose Coaching & Consulting
(919) 439-5228
3737 Glenwood Avenue Suite 100
Raleigh, NC
 
Alwon George Msw
(919) 781-1288
4821 Rembert Dr
Raleigh, NC
 
Business Development Associates
(919) 871-9980
6200 Falls of Neuse RD
Raleigh, NC
 

Business Succession Planning

Provided By:

Source: MASONRY CONSTRUCTION MAGAZINE
Publication date: December 15, 2007

By Lance Wallach

Most business owners want to: build wealth and maximize the value of what is left behind for heirs; protect their wealth to insure that what they have spent a lifetime building isn't eaten away by taxes, inflation and/or the cost of medical care; distribute their wealth so that their loved ones may be taken care of, and see to it that their assets and possessions go where they want them to go in the time frame they want this to happen. This is the essence of estate planning.

A welfare benefit plan is possibly the only way estate planning can be done on a tax deductible basis and money for other purposes can come out tax free. Among other things, it makes the cost of life insurance a tax deduction, and allows wealth to pass income and estate tax free.

Eventually the business owner leaves the business. If a family member or employee can buy the established business, planning needs to be done years in advance for the best possible results.

If an outside buyer is desired, the company should be positioned so that, if a favorable opportunity arises or an unfortunate event occurs, the company is completely ready for transition. In other words, the business should be ready for sale versus up for sale.

Determining the value of a business is an art. There are no fixed rules, just general guidelines. All characteristics of the business must be considered. The value, however, is ultim...

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