Succession planning is crucial to ensuring the longevity of the business you’ve worked hard to build. Yet, transferring your business to a family member or associate is often fraught with challenges. Studies show that 7 out of 10 family-owned businesses fail to survive the transition from generation to generation. The reasons? Lack of planning, unresolved family dynamics, and tax burdens.
At Thomas Taylor, CPA, we specialize in helping business owners create comprehensive succession plans that safeguard their legacy, minimize risks, and set future generations up for success.
Do you want to keep the business in the family, sell it to a third party, or transfer ownership in another manner?
Ownership and management are distinct responsibilities.
Who will manage the day-to-day operations if you step down?
Taxes are inevitable when transferring ownership.
Unresolved decisions about ownership and inheritance often lead to discord.
Telephone : 423-648-8272
6716 Heritage Business Court, Suite 110 Chattanooga, TN 37421