Business Succession Planning Charlotte NC

Most business owners in Charlotte 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 SBTDC
(704) 548-1090
8701 Mallard Creek Road
Charlotte, NC
 
Insite Corporate Coaching & Training
(704) 814-6784
2930 Providence Hills Dr
Charlotte, NC
 
Beacon Small Business Solutions
(803) 802-7676
1171 Market St
Charlotte, NC
 
A Natural Bent - for Executive and Business Coaching
(704) 880-3391
17811 Hafl Moon Lane, Suite Q
Cornelius, NC
 
North Carolina SBTDC
(919) 715-7272
5 West Hargett Street Suite 600
Raleigh, NC
 
UpSurge Business Solutions
1-877-642-4021 x104
PO Box 620002
Charlotte, NC
 
Successful Ventures (dba., Focal Point Business Coaching)
(803) 431-6956
115 Doby Creek Court
Fort Mill, SC
 
Gold Hill Tax & Small Business Services
(803) 548-0817
2166 Gold Hill Rd
Charlotte, NC
 
Performance Coaching Inc
(704) 655-9107
18640 Greyton Ln
Charlotte, NC
 
NC A&T State University SBTDC
(336) 334-7005
2007 Yanceyville St., Ste. 300
Greensboro, 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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