Remember Atari? How about the XFL or Circuit City? Or Polaroid? You probably know what all of these companies have in common. They are out of business. Remember the logo?
These are big brands we all remember and they went out of business for various reasons. There are a ton of other companies that have also failed but you have never heard these stories.
The crashes of these smaller companies are no less important to the people who founded them than the epic fails that make the news.
Many small businesses fail due to a lack of proper continuity planning. Even closely held family run companies are not immune from this scenario. Small businesses in the U.S. are the lifeblood of our economy. The entrepreneurs behind these businesses look at the company as a way to build wealth for themselves and their family.
If the founder of the company does not have a proper continuity plan in place, studies show that the business suffers greatly. Lacking a proper plan, families and businesses can get hit with unnecessary taxes, plummeting of sales or a complete failure of the company.
For family run businesses, transferring the business to the next generation is a big deal. There are family dynamics to deal with, taxation issues, timing issues and potentially a whole lot more.
The family estate plan is an important consideration in transferring a business and a Family Limited Partnership (FLP) can be a useful planning strategy. The FLP can be helpful for long range estate planning considerations and for asset protection purposes.
Click below for a nuts & bolts breakdown on the Family Limited Partnership. It’s an easy read and great for anyone who owns a business or is advising others:
Need a business continuity plan check-up? Click below to schedule your complimentary assessment.
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DON’T MISS OUR LIVE ASSET PROTECTION WEBINAR!!!
Bradley Barth is an attorney and a top estate and asset protection expert. Brad’s workshop on asset protection planning is in high demand across the country and he will be delivering this same eye-opening workshop LIVE on:
Wednesday June 6th, 2018
1pm to 2pm PST
To check out the content and grab your spot, click below:
Thank you and we hope to see you on the webinar!
Director of Business Development