Business Succession Planning Winston Salem NC

Most business owners in Winston Salem 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.

Winston-Salem State University SBTDC
(336) 799-7340
301 N. Main St., 9th Floor, Suite 921A
Winston-Salem, NC
 
Better Business Bureau
(336) 725-8348
500 W 5th St
Winston-Salem, NC
 
Estate & Retirement Consultants of The Carolinas
(336) 722-3236
380 Knollwood St
Winston-Salem, NC
 
Harrell Robert B and Associates
(336) 721-3322
203 S Stratford Rd
Winston-Salem, NC
 
Forsyth Management Group Limited
(336) 712-4600
120 Charlois Blvd
Winston-Salem, NC
 
Brogden Lucinda Consulting
(336) 245-2677
453 W End Blvd
Winston-Salem, NC
 
Fawky Abdallah Company Inc
(336) 765-6600
226 Cedar Trl
Winston-Salem, NC
 
Kiger & Associates
(336) 750-0101
1975 Beach St
Winston-Salem, NC
 
Fedora & Company
(336) 768-6727
4400 Silas Creek Pkwy
Winston-Salem, NC
 
Leadership Performance Systems Inc
(336) 774-0330
250 Executive Park Blvd
Winston-Salem, 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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