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Business exit strategy

Steve Sink is the founder and managing partner of Phoenix Affiliates Ltd.  Logo only for phoenix

Prior to the sale and as part of a successful exit strategy from a family-owned business, the owner should have satisfactorily addressed these six critical questions.

  1. How can I provide for an equitable distribution of my estate among my children?
  2. Who should control and eventually own the family business?
  3. How can I use my business to fuel the growth of my estate outside of my business interests?
  4. How do I provide for my family’s income needs, especially those of my spouse and dependent children, after my death?
  5. How can I help preserve my assets from the claims of creditors during my lifetime and at my death?
  6. How can I minimize estate taxes?

An owner’s thoughtful answers to these questions will provide a smoother business transition for all parties involved and may well prevent/avoid a very difficult family situation.  Owners with questions about creating an estate plan prior to their business exit should contact an estate planning professional.

Happy Holidays!

Steve Sink CBI, M&AMI

ss@phxaffiliates.com

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