Business Succession Planning Hickory NC

Most business owners in Hickory 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.

Appalachian-Foothills Region SBTDC
(828) 345-1110
905 Highway 321 NW Suite 354
Hickory, NC
 
Business Service Associates LLC
(828) 322-3938
104 3rd St Ne
Hickory, NC
 
Appalachian-Foothills Region SBTDC
(828) 345-1110
905 Highway 321 NW Suite 354
Hickory, NC
 
East Carolina University
(252) 328-6157
300 East First Street, Willis Bldg.
Greenville, NC
 
North Carolina SBTDC
(919) 962-0389
1700 Martin Luther King Jr Blvd, Suite 115 CB# 1823
Chapel Hill, NC
 
Washco Consulting
(828) 234-8378
209 35th Avenue NE
Hickory, NC
 
North Carolina SBTDC
(704) 548-1090
8701 Mallard Creek Road
Charlotte, NC
 
North Carolina SBTDC
(919) 715-7272
5 West Hargett Street Suite 600
Raleigh, NC
 
Elizabeth City State University SBTDC
(252) 335-3247
204 Forsyth Building
Cullowhee, NC
 
Western Carolina University Sub-Center, Asheville
(828) 251-6025
68 Patton Ave., Suite One
Asheville, 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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