{"id":18447,"date":"2015-12-09T21:49:42","date_gmt":"2015-12-10T02:49:42","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2015\/12\/business-report-protect-your-family-business.html"},"modified":"2017-11-08T11:03:06","modified_gmt":"2017-11-08T16:03:06","slug":"business-report-protect-your-family-business","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2015\/12\/business-report-protect-your-family-business\/","title":{"rendered":"Business Report: Protect Your Family Business"},"content":{"rendered":"
\n
\n\"ed\n<\/div>\n
\n

Brian Ostrander, financial advisor with
\nEdward Jones Financial in Glens Falls.\n<\/p><\/div>\n<\/div>\n

BY BRIAN OSTRANDER<\/p>\n

There’s nothing more important in the world to
\nyou than your family. However, your family-owned
\nbusiness probably helps support your family. So,
\nwhen it comes to protecting both your family
\nand your business, you need to carefully consider
\nyour moves.<\/p>\n

As you know, you face plenty of challenges to
\nkeep your business running smoothly — but it can
\nbe even more difficult to pass the family business
\non to your children or other relatives. In fact, according
\nto the Small Business Administration, only
\n33 percent of family owned businesses survive the
\ntransition from first generation ownership to the
\nnext generation.<\/p>\n

Why is it so hard to keep a family business intact?
\nSometimes, it’s because no one in the family
\nis interested in running the business — but family
\nbusinesses frequently disintegrate because of the
\nlack of a succession plan.<\/p>\n

To create a succession plan, your first step — and
\npossibly the most important one — is to collect the
\nthoughts and preferences of family members on
\ntheir future involvement with your business. It’s
\nessential that you know who wants to really do the
\nday-to-day work and who is capable. During these
\nconversations, you’ll also want to discuss other key
\nbusiness-succession issues, such as the retirement
\ngoals and cash flow needs of retiring family owners
\nand the personal and financial goals of the next
\ngeneration of management.
\nIn developing a plan for the future of your business,
\nyou will need to determine who will control
\nand manage the business, and who will eventually
\nown it. These decisions will depend on a variety
\nof factors, such as the time horizon, goals and
\nfinancial needs of the family members involved.<\/p>\n

Your succession plan could be based on a family
\nlimited partnership. Under this arrangement, you,
\nas general partner, would maintain control over
\nthe day-to-day operation of your business, but,
\nover time, you could gift or sell limited partnership
\nshares to your family members. And eventually,
\nyou would also relinquish control of the business
\nto whoever is going to run it.<\/p>\n

Another component of your succession plan
\nmight be a “buy-sell” agreement, which allows you
\nto name the buyer for your business — such as one
\nof your children — and establish methods to determine
\nthe sale price. Your child could then purchase
\na life insurance policy on your life and eventually
\nuse the proceeds to buy the business, according to
\nthe terms established in the buy-sell agreement.<\/p>\n

We’ve just skimmed the surface of techniques
\nthat might be used alone or in combination to
\ncan be complex, so you will certainly need to consult
\nwith your legal and financial professionals. It’s
\nimportant that you fully understand the business
\nand tax implications of any succession plan, as
\nwell as the financial effects of a plan on all your
\nfamily members.<\/p>\n

In any case, once you’ve created your succession
\nplan, you’ll need to work with your legal advisor to
\nput it in writing and communicate it clearly to all
\nfamily members. Surprises are welcome in many
\nparts of life — but not when it comes to transferring
\na family business.<\/p>\n

You want to leave your family a legacy. And if
\nthat legacy is the family business, do whatever
\nit takes to pass it on in a manner that benefits
\neveryone involved.<\/p>\n

Ostrander is a financial advisor with Edward
\nJones Financial in Glens Falls.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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