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At Watson Goepel LLP we know that running a business where family members are involved can be complicated as family dynamics are incorporated with business goals. These same issues can make succession planning for a family business a little more complex than in a third party sale. Setting out a succession plan will help lay the foundation for a smooth transition to the next generation of owners.
One of the advantages of a family succession plan is the ability to use the transition of the business to achieve certain tax and estate planning goals. Therefore it is always helpful to have a professional advisor involved as soon as possible as they can help guide you on some of these issues and get the legal and tax aspects of your business set up on time. Our firm covers three main areas within a family succession plan where decisions need to be made: ownership, management and tax considerations.