Succession
Planning
If you
own a family business, retirement isn't simply a matter of deciding not to go
into the office anymore. You've got some critical questions to answer like.
- ü "What happens to the business when you're no longer running it?" and
- ü "Will you have enough money to retire?"
The
family dynamic complicates the whole transition because of the relationships
and emotions involved. Most people are not comfortable discussing topics such as
aging, death, and financial affairs.
Comfortable
or not, succession planning should be a priority for any family business
considering that more than seven out of ten family-owned businesses fail to
survive the transition from founder to second generation, typically falling
prey either to estate taxes or family discord - or both.
Developing
and implementing a well-designed succession plan is essential to the survival
of a family business from one generation to the next.
UHY
Dawgen can help you with these key issues -
- Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options.
- Who's going to run the business when you're gone? Management and ownership are not one and the same. You may decide to transfer management of your business to just one of your children but transfer equal shares of business ownership to all your children, whether they're actively involved in the business or not.
- Minimizing the tax bite. The tax burden when transitioning a family business can be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due when ownership is transferred.
- Making it fair. Transferring family ownership often adds a tremendous amount of stress to individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie.
What we do for you...
Once we
understand how you feel about the key issues above, we begin constructing your
succession plan focusing on these 5 issues...
- Business Valuation
- Business Restructuring
- Tax Consequences
- Retirement Projections
- Tax Projections
Let UHY
Dawgen help you pass on what's taken a lifetime to build.Please contact us at
one of our 4 strategic locations in Jamaica. There are five easy ways to
contact us. Simply call, email, fax, write or just stop by.
Head Office - Kingston
Unit 34, Winchester Business Centre, 15 Hope Road,
Kingston 10, Jamaica, West Indies
Telephone:876-9084007/7542074/
9064827
(International No.USA)
937-7-DAWGEN(937-7329436)
Fax:7540380 Email:info@dawgen.com
BRANCHES
§
Montego
Bay,St. James
Shop EU6, Whitter Village,
Ironshore, St. James
Telephone: 876-876-9533793/953-8486
Fax: 953-3058/7540380
Email:infobranch@dawgen.com
§ Ocho Rios, St.Ann
Shop C1, 101B Main Street, Ocho
Rios, St.Ann
Telephone: 974-5373/9748772 Fax:
754-0380
Email:infobranch@dawgen.com
§
Mandeville,
Manchester
Shop L1 & K1,Grove Court Plaza, 16 Park
Crescent, Mandeville, Manchester
Telephone: 962-6369 Fax:
754-0380 Email:infobranch@dawgen.com
UHY
Dawgen is a member of UHY, an international association of independent
accounting and consulting firms, whose organising body is Urbach Hacker Young
International Limited, a UK company. Each member of UHY is a separate and
independent firm. The services described herein are provided by UHY Dawgen and
not by Urbach Hacker Young International Limited or any other member of
UHY. Neither Urbach Hacker Young
International Limited nor any member of UHY has any liability for services provided
by other members
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