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Business Succession Planning Durham NC

Most business owners in Durham 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
(919) 962-0389
1700 Martin Luther King Jr Blvd, Suite 115 CB# 1823
Chapel Hill, NC
 
Minority Business Development Center
(919) 682-5515
114 W Parrish St
Durham, NC
 
Fall Enterprises
(919) 401-3474
3418 Cambridge RD
Durham, NC
 
Ajilon Consulting
(919) 941-5888
4222 Emperor Blvd
Durham, NC
 
Council for Entrepreneurial Development
(919) 549-7500
100 Capitola Dr
Durham, NC
 
Great Expectations Christian Life Coaching
(919) 620-0472
PO Box 71382
Durham, NC
 
Mailing Service
(919) 471-1000
3314A Guess Rd
Durham, NC
 
Carol Obrien Associates
(919) 403-2500
3211 Shannon Rd
Durham, NC
 
Clarkston Consulting Group
(919) 484-4400
1007 Slater Rd
Durham, NC
 
Catalysta Partners
(919) 484-0370
1822 E Nc Highway 54
Durham, 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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