cs1 Sonny is a dedicated, key employee. Though he only owns 20% of the stock in the business, he has always shared in decisions equally. The owner, Fred, has often said the company would never have grown so fast without Sonny as manager. This morning, Fred pulled Sonny aside and said he was getting out of the business in 5 years. His 27-year-old son, who has only worked in the business since finishing college, would be moved into the main office and groomed for the presidency. Sonny gave the business 20 years and thinks he deserves more. He feels betrayed and angry. THE MOST IMPORTANT BUSINESS DECISION YOU WILL EVER MAKE IS WHEN YOU SELL OR TRANSFER YOUR BUSINESS. If you’re like most entrepreneurs, your business represents most of your personal wealth-and most of the years of your life. Whether you sell it outright, transfer it within the family or to key employees, you are faced with many soul searching decisions. CFG specializes in business planning to help you through the process you are about to begin.
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Wealth Transfer - White Papers

Paying Estate Taxes by Borrowing from Uncle Sam Has Gotten Harder
by Matt Donovan in TRANSITIONS & traditions

Many family businesses are counting on Sec. 6166 of the Internal Revenue Code to help them pay their estate taxes. It may be a mistake. more

Prenuptial agreements may save the business
by Mike Cohn in Building Material Dealers magazine

It was a perfect day in May in 1991 when John’s granddaughter, Stephanie, married her college sweetheart in the family garden. Stephanie was grateful to her grandparents who had spared no expense to make sure the day was one to cherish and remember. more

When 'irrevocable' trusts aren't
by Mike Cohn in Family Business magazine

Wendell and Carolyn are successful family business owners in their mid-60s concerned about how their wealth may influence their three adult children and five grandchildren. They understand entrepreneurship and hard work; they want their values and their financial assets to provide opportunities for future generations but they also worry that inherited wealth may have unintended, and negative consequences. more

Generation-skipping transfers that support family values
by Mike Cohn in Building Material Dealers magazine

The opportunity to put family business stock (and other family assets) into a trust that is divorce-proof, creditor-proof and avoids estate taxes for future generations (as long as the assets stay in the trust) is a pretty compelling reason to take a look at generation- skipping planning strategies. more

Estate Tax Reform: Goodbye Old Headaches, Hello New Ones
by Mike Cohn in TRANSITIONS & traditions

Estate taxes, long the bane of business owners and wealthy families, have provided at least one advantage: They motivated some people to implement estate and succession plans. more

 

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