For family-owned business, farm, or ranch operators in Northern California, you face a number of estate and business planning issues that other people don’t have to consider. Keeping the business in the family and making sure it transfers to the next generation successfully is something that takes a lot of careful planning. Even if you can’t keep the business in the family, determining the best path for the future is not always easy to do without assistance.
Family-Owned Business Issues
How do you transfer the family farm or business to your children? If none of your children are interested, are there other family members who can take over? If you aren’t sure, what options are there when you want to step away?
Owning a family owned business or farm and not knowing the answers to these questions can lead to a lot of stress and uncertainty. Developing a plan that addresses what will happen to your business in the future is essential for any small business owner in Northern California.
- Business Succession. If transferring your business is what you want, you will have to have a business succession plan in place and ready to go. Even if you don’t believe you will have to transfer your business for many years, your plan will need to be prepared for the possibility that you might one day become incapacitated or lose your ability to manage the business. Should this happen, who will be able to step in and take over? Even if you don’t become incapacitated, how will you step away and transfer managerial or ownership responsibility to someone in your family? What steps should you have to take to make sure the process runs smoothly?
- Selling the Business. If transferring the business is not an option, what do you have to do to sell it? How do you find the right buyer? How do you determine a fair selling price? Once you’ve sold it, what do you do with the proceeds? If you plan on using the proceeds as part of your inheritance plan, what will the sale means for issues such as probate and estate taxes?
Start Your Plan Today
At the Northern California Center for Estate Planning and Elder Law, we have years of experience assisting our family-owned business clients with the issues they routinely face. Regardless of your individual circumstances, the nature of your business, the size and extent of your farm or ranch, or any other issue, we have the ability to guide you through any problem.
Unfortunately, we cannot provide you with any advice or guidance until you take the initiative and reach out to us. Once you call us and schedule an appointment to come discuss your concerns, we can then begin developing a plan that meets your needs. If you have questions, need advice, or want to get started protecting your farm or business, contact us as soon as possible.
