Business Succession Planning East Lansing MI

Most business owners in East Lansing want to: build wealth and maximize the value of what is left behind for heirs; protect their wealth to insure that what they have spent a lifetime building isn't eaten away by taxes, inflation and/or the cost of medical care; distribute their wealth so that their loved ones may be taken care of, and see to it that their assets and possessions go where they want them to go in the time frame they want this to happen. This is the essence of estate planning.

Lansing Community College SBTDC
(517) 483-1921
309 N. Washington Squre, Suite 115
Lansing, MI
 
Eastern Michigan University SBTDC
(734) 487-0355
306 Gary M. Owen Building, 300 W. Michigan Avenue
Ypsilanti, MI
 
Michigan SBTDC
(586) 469-5118
1 S. Main Street, 7th Floor
Mt. Clemens, MI
 
Mid Michigan Community College
(989) 386-6630
1375 S. Clare Avenue
Harrison, MI
 
Michigan Works!
(906) 789-0558
2950 College Avenue
Escanaba, MI
 
Kettering University
(810) 762-9660
1700 W. University Avenue
Flint, MI
 
Washtenaw Community College SBTDC
(734) 547-9170
301 W. Michigan Avenue Suite 101
Ypsilanti, MI
 
Delta College Corporate Services SBTDC
(989) 686-9597
1961 Delta Road, H Wing
University Center, MI
 
Lansing Community College SBTDC
(517) 483-1921
309 N. Washington Squre, Suite 115
Lansing, MI
 
Michigan SBTDC
(616) 331-7480
510 W. Fulton Street
Grand Rapids, MI
 

Business Succession Planning

Provided By:

Source: MASONRY CONSTRUCTION MAGAZINE
Publication date: December 15, 2007

By Lance Wallach

Most business owners want to: build wealth and maximize the value of what is left behind for heirs; protect their wealth to insure that what they have spent a lifetime building isn't eaten away by taxes, inflation and/or the cost of medical care; distribute their wealth so that their loved ones may be taken care of, and see to it that their assets and possessions go where they want them to go in the time frame they want this to happen. This is the essence of estate planning.

A welfare benefit plan is possibly the only way estate planning can be done on a tax deductible basis and money for other purposes can come out tax free. Among other things, it makes the cost of life insurance a tax deduction, and allows wealth to pass income and estate tax free.

Eventually the business owner leaves the business. If a family member or employee can buy the established business, planning needs to be done years in advance for the best possible results.

If an outside buyer is desired, the company should be positioned so that, if a favorable opportunity arises or an unfortunate event occurs, the company is completely ready for transition. In other words, the business should be ready for sale versus up for sale.

Determining the value of a business is an art. There are no fixed rules, just general guidelines. All characteristics of the business must be considered. The value, however, is ultim...

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