Planning for the Family Business. . . Everyone into the pool
Most closely held business owners spend 10 years (often 20 years, or even more) working on tax-related planning. You know, that not-so-easy stuff like business succession, estate planning, asset protection and related areas. If you’re a member of this club, smile. And read on. You just might find the answer (you’ve been looking for) in this article.
First, let’s see why most business owners (whether you own 100% of the business or less) search and search for the Holy Grail of business tax planning, but never find it. A review of a real-live case (a reader of this column) should open the right planning door for most readers. Why? Because most of the problems and concerns are what we call “core goals” and apply to almost every business owner.
This is the story of a business owner (Joe, age 62), his wife (Mary, age 59) and their three boys (Pat, Paul and Peter, ages 39, 37 and 32). All the boys are married and are active in the business (Success Co.)., which is a successful leader in its industry. There are six grandchildren.
Before we continue with the rest of the story, it is important to understand that unless you work with a knowledgeable and experienced expert, who has an organized System for coordinating and integrating the various laws, options and solutions into a comprehensive plan, YOUR EFFORTS WILL FAIL. No matter how many years you try.
A System?… Yes, an absolute must. Just like the best, most expensive car won’t move an inch without gasoline to fuel it.