Business Succession Planning Warren MI

Most business owners in Warren 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
(586) 469-5118
1 S. Main Street, 7th Floor
Mt. Clemens, MI
 
Strategic Business Plans
(313) 368-9124
19264 Lamont St
Detroit, MI
 
Xzun Business Consultants LLC
(313) 267-0556
5555 Conner St
Detroit, MI
 
Arrington Associates Consultants Corporation
(313) 579-9589
5555 Conner St
Detroit, MI
 
Evans Consulting Services LLC
(313) 871-7238
7430 2nd Ave
Detroit, MI
 
Small Business Accounting & Computer Services Inc
(586) 274-9345
7325 Bernice
Warren, MI
 
N S Consulting
(313) 526-9615
19333 Barlow St
Detroit, MI
 
Small Business Accounting & Computer Services Inc
(586) 274-9345
34770 Dequindre Rd
Sterling Heights, MI
 
Abednego Environmental Services
(313) 824-4630
2101 Conner St
Detroit, MI
 
Ajaha Management Group
(313) 861-0370
18421 Woodingham Dr
Detroit, 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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