What would happen to your business if something happened to you?

At Keith Eck Financial we are committed to addressing this critical question and devising a plan to preserve and perpetuate family business legacies through the next generation. According to the Small Business Administration, 70 percent of family-owned businesses do not survive to the second generation, and only half of those make it to the third generation.

Additional Key Questions to Consider:

• Who do you envision running the business when you are no longer willing or able to do so?
• Would your family members, co-owners, managers and/or employees know what to do?
• Would they have the guidelines and tools they would need to help the business survive and thrive?
• What would happen to your line of credit?
• Do you want to be in business with your ex-wife? Your co-owner’s adult children? The new husband of your daughter?

Without adequate succession planning, any of these scenarios is a very real possibility.

As succession planners, the team at Keith Eck Financial work in a “quarterback” role with you, your family, attorneys, family business consultants, and business valuation experts to ensure the continuity of your business.

Selling a Business

Whether you're planning to sell your business -- or part of your business -- to a co-owner, one or more of your children, employees, or someone else, it's important to consider questions, such as:

• Will you continue, reduce or end your involvement in the business?
• Once you have sold your business, how will you provide current or future income for yourself and your family?
  
  

Transferring the Business to a Family Member

There are a variety of strategies you can use to transfer the business to a family member, including one or more of the following methods:

• Selling the business to the family member
• Providing lifetime gifts
• Transferring the business through inheritance