PLAN FOR YOUR SUCCESSION

WARNING: Passing Your Business to a Family Member or Associate Can Be a Risky Proposition.

7 out of 10 family owned businesses will not survive the transfer of the business from one generation to another. Lack of planning and discomfort discussing topics such as aging, death, and financial affairs will more often than not result in loss of a business due to estate taxes, family discord, or some combination thereof.

If you want to assure that the business you worked so hard to build will be there to support future generations, you must clarify your plans for succession and finalize, as well as legalize your priorities.

Get professional advice for dealing with these key issues and more…

What will happen to your business?
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What will happen to your business?

Do you wish to keep it in the family, sell it to a third party or pass it on in some other manner? We can help you weigh the advantages and disadvantages of each of your options, as well as help you determine how the business can best provide for you as you enter your retirement years.

If you are not running the business, who is?
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If you are not running the business, who is?

Ownership of the business and management of the business are often two distinctly separate entities. How will your retirement or death affect the day-to-day decision making of how the business is run? Will your children take active roles in the running the business, or will they exist as owners only? Clarifying your expectations in legal terms and making these decisions in advance will help ease the transition of ownership, as well as management, without further risk of detriment to the business as a whole.

How can you minimize the tax burden upon transfer?
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How can you minimize the tax burden upon transfer?

When businesses transfer ownership, taxes are a reality regardless of the relationship between the parties. Review your options with an expert in the field in order to make the decisions that will best support your family members and the business.

Remember that inherited assets, such as family businesses, are often the cause of tremendous emotional strain and stress for individual family members. It is best to address any actions that might be seen as fair or unfair ahead of time, so that family members know what to expect and why you are making the decisions that you are making.

They may not realize, for instance, that the tax implications of inheriting a business might be more burden than they could financially handle or that decisions involving management vs. ownership have been taken into account.

Contact us about our Succession Planning Services to determine the value of your business, before restructuring your business, to review the tax consequences and tax projections of your actions, and to help you plan for retirement.

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Ready to come in for an appointment?

Our schedule is very full…but if you call us at (704) 599-3355 or email us we’ll give you two options for coming in right away! We will NOT make dealing with a tax professional as painful as it’s been in the past!

TESTIMONIALS

What Our Loving Clients Are Saying

Excellent customer service. They not only prepare our tax returns for business and personal but they also do our bookkeeping! We couldn't operate without them!

201634
Holly M

I worked with CPA Sara Gonzalez on an intricate tax audit, and she was courteous and thorough in representing me and in working with the IRS agent to come to a reasonable resolution... Sara and her team organized my returns and presented them in a professional understandable manner, which is hugely important to overworked IRS agents. I highly recommend Kohari and Gonzalez and continue to work with them on my annual tax returns.

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Don H

They have provided me with excellent service throughout the years they have been my CPA. I started a business and their guidance has been very advantageous to my company growth and peace of mind since they not only prepare my taxes but also do all of our bookkeeping! I highly recommend them.

201634
Sue R

I own a small business. VERY small. And yet they treat me as if I'm on the Fortune 500. Couldn't be more satisfied.

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Bill Y

Kohari Gonzalez PLLC have been doing my taxes for at least three years! They are very professional and very kind! They explain everything and answer any questions you might have. I would definitely recommend them as they are excellent CPAs!

201634
Ruth C

I have trusted my tax filings for 26 years with this firm. I appreciate the quality of work and its accuracy . The IRS , not even once has questioned my tax filings. I also appreciate their time to hear and answer my questions related to the results of the tax year filing. Sara will make the time for you.

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Ernie S

Upon relocating to Charlotte NC in 1990 a friend recommended Kohari & Gonzalez to us. Since that time K&G has been the only CPA firm we've used for our personal and business tax preparation and we've been extremely happy with their services. It's always a pleasure to visit their office and their knowledge of IRS codes never fails to impress us. We highly recommend K&G to anyone looking for a quality CPA firm.

201634
Barbara M

I've had 5 cpas over the course of my career as an entrepreneur, and I can by far say that Sara and her team have been the most competent, and have generated the most in tax savings since. Highly recommended! Can't say that enough!

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Brian H