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Business Continuity Planning

As the owner or founder of a family business, the inherent planning considerations can be complex and difficult to sort through. We start by understanding what has driven your success and what’s important to you about the business going forward. What is your philosophy of doing business? How should it be reflected in your decision making from here forward?

In a private or closely-held business, the business issues are intertwined with personal estate planning decisions. What considerations have been taken to ensure your decisions are coordinated from one discipline to the next in the manner you wish?

Business Continuity Planning Considerations:

  • Do you face equalization issues inherent to having some family members or children working in the business while others have chosen a different path? Do you have Key Employees who are key to the growth and management of the business? What plans are in place to retain them, even if they are presented with offers from other companies? Are their benefits packages competitive with other firms in your industry? Are you facing a lack of liquidity outside of the business? Does this concern you? Are you aware of methods for taking money out of the corporation in a tax favorable manner? Where do you wish to take the business from here forward? What challenges to growth are you facing? What are your dreams and ambitions? How does your personal financial plan currently impact your business financial plan, and visa versa? If you intend to sell the business at some point, do you have any ready buyers? What type of planning or analysis has been done to help ensure you receive the best possible offer in the future?

Looking to learn more? Get in touch today

[email protected]   |  914-305-9050