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Of the 24 million family owned businesses in the United States, only about 30% will survive into the second generation, according to The Family Business Institute in Raleigh, N.C. That's a sobering statistic for business owners whose crowning achievement is the company they built. But those who begin succession planning early--approximately a decade before retirement--stand a better chance of passing the business on to their children. Consider the following six steps:
Now is the time for business owners to get serious about planning their estates. When it comes to estate and business planning, however, many business owners make the same mistakes over and over again. Unless business owners and their advisors immediately respond to the three major threats to a successful business transfer described below, the economic loss to poor estate planning over the next 20 years will be staggering.
If you are a small-business owner, and you die, what happens? If you haven’t left an estate plan, the lives of your loved ones will be thrown into turmoil.
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