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Family businesses present unique challenges in creating clarity of direction in passing the business from one generation to the next. A recent survey of family businesses stated that 50% of the surveyed companies expect a transition by 2015, yet less than 35% of all the businesses in the survey had a written succession plan. Clearly a huge gap exists between those desiring a successful transition and those with a plan for it.
AUCTORIS has the family business transition plan designed to provide the tools and process for families to create clarity of understanding of their values and vision for the inter-generational passage of their business. This process identifies the impediments and landmines that can cause successful plans to self-destruct.
Landmines such as the federal estate tax, operating and non-operating children, children with varying levels of aptitude for the business and, developing a fair compensation system for children of owners in the business are all challenges that we or our virtual team of advisors assist families in navigating.
The Family Business Transition Plan assists families in: