Business Owner Planning
Small businesses are central to the U.S. economy. The 29.6 million small businesses in the United States employ almost half (47.8%) of the nation’s employees.[4] Yet only about 30% of these businesses survive into the second generation, only 12% will still be around by the third and only 3% survive to the fourth or beyond.[5] The reasons are varied, but include family conflict, failure to design a proper succession plan and federal estate taxes. To avoid a similar fate, business owners need a plan.
We can help in the following areas:
- Business succession planning, which may include dispositions during life and at death
- Executive compensation plans
- Employee group benefits
2 Medicare and You 2015, www.Medicare.gov, 2015.
3 National Safety Council, “Injury Facts,” 2015 edition.
4 United States Small Business Profile, U.S. Small Business Administration, www.sba.gov/sites/default/files/advocacy/All_States_0.pdf, 2017.
5 “Planning is key when passing the family business onto a new generation,” The Denver Post,https://www.denverpost.com/2017/04/16/ family-business-new-generation-planning/, April 16, 2017.