Transition Planning

Effective Financial Management for your Family-Owned Business

Posted by on Dec 19, 2014 in Family Business, Financial Freedom, Transition Planning | 0 comments

Effective Financial Management for your Family-Owned Business

Financial management is one of those phrases that can feel irrelevant to your small or family-owned business. What does it actually mean? Does it involve hiring a Chief Financial Officer or holding long board meetings? When we talk about financial management at Henry H Jones, CPA, what we’re helping you understand is far more than knowing what accounting records you should keep, or even the current status of your finances. Good financial management means that you have a clear and up-to-date view on how your business is performing in all the critical areas. This is not something that is left to your bookkeeper, or even to your accountant! It’s your responsibility as...

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Tips for buying a business

Posted by on Sep 24, 2014 in Change, Tax Planning, Transition Planning | 0 comments

Buying a business can be a very exciting experience, full of hopes and ideas and goals and dreams.  It can also be a little overwhelming – scary even! There are so many aspects to consider, fears that crop up along the way, and thousands of decisions to make. Here are some of the things you should consider and do if you are going to buy a business: Have A Transition Leader (This is someone like us here at Henry Jones, CPA.) Your team leader will engage experts as needed such as attorneys, insurance agents, appraisers and bankers. These experts are very good at what they do, but only have a partial view of your financial and business situation. You need someone who...

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Do You Need a Family Business Council?

Posted by on Jun 10, 2014 in Family Business, Transition Planning | 0 comments

Every family owned and operated business has a unique layer of challenges that are different from a “non-family based business”. Whether your business is a large-scale corporation, a region-wide chain, or has more of a “mom and pop” feel, having a Family Business Council can help your business and family. We know that family can be tough sometimes.  And running a business is hard, too.  When you combine the two, at times it can be deadly.  A Family Business Council means that you’re not running your business like a family – you’re running it like a business. You probably already have a board of directors, and they probably communicate pretty well with...

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The First Three Steps in Your Family Transition Planning

Posted by on Jan 29, 2014 in Family Business, Freedom, Retirement, Transition Planning | 0 comments

Helping your family business transition to the next phase (or, to use a familiar phrase, preparing for your succession) is a long process.  Transition planning can be a process that is too intensive to contemplate, and so the easiest solution is simply to keep doing what you have been doing, and hope it all works out well in the end. We’ve all heard the definition of doing the same thing over and over and hoping for different results; and of course it applies to transition planning, as well. One of the challenges for small family businesses is that the wording used for “transition” or “succession” can be fairly complex and lofty-sounding.  Things like...

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What Happens If You Don’t Get Good Advice On Estate Planning?

Posted by on Jan 3, 2014 in Family Business, Tax, Tax Planning, Transition Planning | 0 comments

We all want to do the best for our family, and those we care about, after we die.  If you’ve invested a lifetime of hard work in setting up and successfully running a family business then you are likely to feel some concern about what will happen to the business too. You may want the business to be handed over to the next generation or, if it must be wound down, that it is done so in such a way that it delivers maximum benefit and minimum stress to both family members and employees.  Proper business transition planning will ensure that things happen as you wish them to after your death as well as after your retirement. It’s very critical to get good advice...

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Is saving tax the best way to create a family business transition plan?

Posted by on Dec 31, 2013 in Family Business, Transition Planning | 0 comments

Developing a family business transition plan is a complex process, and although saving tax is an important consideration, it is not the only one. When you have spent much of your life establishing and successfully running a family business, of course it’s natural that you want to pass it on to the next generation, and to do so as tax efficiently as possible.  You haven’t done all that work just to hand a big chunk of the wealth you created over in taxes! At Henry H. Jones, CPA, we’re passionate about helping family businesses get things right at the planning stages, including tax, of course.  But overemphasizing the role of tax planning in your family...

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