Family owned businesses are central to the U.S. economy, contributing 64% of the U.S. gross domestic product, employing 62% of the workforce and creating 78% of all new jobs.1 Yet only 40% of these businesses survive into the second generation, and only 13% will still be around by the third.1 The reasons are varied, but include family conflict, failure to design a proper succession plan and federal estate taxes. To avoid a similar fate, business owners need a plan.
With the support of your accounting and legal advisors, we can help you structure and implement a plan to help achieve your objectives in the following areas:
Business succession planning, which may include dispositions during life and at death
Executive compensation planning
Employee group benefits
1"Facts About Family Business," Center for Family Business, www.business.fullerton.edu, 2012.