• What will happen to your business when you're no longer at the helm?
• Will your retirement funds be sufficient?

The dynamics within a family can complicate this transition due to the relationships and emotions involved. Many people find it uncomfortable to discuss issues like aging, death, and finances. Despite this discomfort, succession planning is crucial. Over 70% of family-owned businesses do not survive the transition from the founder to the second generation, often due to estate taxes or family disputes.

To ensure your family business thrives across generations, a well-structured succession plan is essential. At JCB Financial Services, we help you navigate these key issues:

• Keeping it in the Family: Should you pass the business to your family or sell it to an external party? We assist you in evaluating the pros and cons of each option to make an informed decision.
• Leadership Succession: Management and ownership are distinct. You might transfer business management to one child while distributing ownership equally among all your children, regardless of their involvement in the business. We help you strategize this transfer to maintain harmony and efficiency.
• Tax Minimization: Transitioning a family business can incur significant taxes. Since a family business is typically not a liquid asset, taxes due upon transfer can be burdensome. We help you devise strategies to minimize this tax impact.
• Ensuring Fairness: Transferring ownership within a family can create stress and conflict. We engage with each family member to ensure everyone feels they are receiving a fair and equitable share.

Once we understand your perspectives on these critical issues, we start crafting your succession plan with a focus on:

1. Business Valuation: Determining the accurate value of your business.
2. Business Restructuring: Adjusting the structure to facilitate a smooth transition.
3. Tax Consequences: Evaluating and planning for tax implications.
4. Retirement Projections: Ensuring your retirement needs are met.
5. Tax Projections: Forecasting future tax obligations to plan accordingly.

At JCB Financial Services, we are committed to helping your family business transition smoothly and continue thriving for generations to come.