Business Succession Attorney in Henderson, Nevada
When should a business owner think about business succession?
When should a business owner think about business succession?
More In This Category
View Transcript
00:04
yeah business succession planning is
00:06
important for every business as as you
00:09
know
00:10
one of the real challenges especially of
00:12
first generation businesses is what’s
00:13
going to happen when the the initial
00:15
owners decide to retire or to phase out
00:19
and the business succession issues that
00:21
arise often depend upon the family
00:23
dynamics so for example
00:25
if there’s one child involved in the
00:28
business with the parents the succession
00:31
plan might be a little bit easier than
00:34
if there are several children involved
00:36
if there are more than
00:37
one children involved in the business
00:39
then the issues of you know what roles
00:42
are each child going to play once mom
00:44
and dad are no longer involved in the
00:46
business become very important
00:48
from a tax point of view
00:50
the sooner that a client can consider
00:53
and start to engage in business
00:55
succession planning
00:57
there’s really some very strong tax
00:59
benefits that can be achieved so for
01:02
example if we have a business that we
01:05
think
01:05
is worth you know a million dollars
01:08
today
01:09
but in five years maybe worth five
01:11
million dollars
01:13
the succession planning from a tax point
01:15
of view it’s much easier to involve and
01:17
transition the ownership of that
01:19
business to a child when it’s worth one
01:21
million dollars than waiting until it’s
01:24
worth five million dollars and so there
01:26
are some techniques that we use where
01:29
parents can involve
01:31
the next generation in the ownership of
01:33
that business but still retain the
01:35
control they need to direct the business
01:37
and so business succession planning is
01:39
very important especially if it’s the
01:42
intent for that business to continue
Las Vegas, NV estate planning attorney Gregory J. Morris explains when a business owner should think about business succession.
