Business Succession Planning Grand Rapids MI

Most business owners in Grand Rapids 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.

Michigan SBTDC
(616) 331-7480
510 W. Fulton Street
Grand Rapids, MI
 
High-Impact Coaching & Consulting
(616) 949-5013
2505 E Paris Ave Se
Grand Rapids, MI
 
West Michigan Business Services
(616) 364-6700
979 Spaulding Se
Grand Rapids, MI
 
Washtenaw Community College SBTDC
(734) 547-9170
301 W. Michigan Avenue Suite 101
Ypsilanti, MI
 
Kettering University
(810) 762-9660
1700 W. University Avenue
Flint, MI
 
Grand Valley State University SBTDC
(616) 331-7370
401 W. Fulton, 286C
Grand Rapids, MI
 
Actioncoach Business Coaching
(616) 457-3100
1345 Monroe Ave Nw
Wyoming, MI
 
Small Business & Technology Development Center State Hea
(616) 331-7480
510 Fulton St W
Grand Rapids, MI
 
Northwest Michigan Council of Governments
(231) 922-3780
1209 South Garfield Ave., Ste. C
Traverse City, MI
 
Mid Michigan Community College
(989) 386-6630
1375 S. Clare Avenue
Harrison, 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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