Plan
For Your
Succession

WARNING: Passing Your Business to a Family Member or Associate Can Be a Risky Proposition.

7 out of 10 family owned businesses will not survive the transfer of the business from one generation to another. Lack of planning and discomfort discussing topics such as aging, death, and financial affairs will more often than not result in loss of a business due to estate taxes, family discord, or some combination thereof.

If you want to assure that the business you worked so hard to build will be there to support future generations, you must clarify your plans for succession and finalize, as well as legalize your priorities.

Get professional advice for dealing with these key issues and more…

  • What will happen to your business? Do you wish to keep it in the family, sell it to a third party or pass it on in some other manner? We can help you weigh the advantages and disadvantages of each of your options, as well as help you determine how the business can best provide for you as you enter your retirement years.
  • If you are not running the business, who is? Ownership of the business and management of the business are often two distinctly separate entities. How will your retirement or death affect the day-to-day decision making of how the business is run? Will your children take active roles in the running the business, or will they exist as owners only? Clarifying your expectations in legal terms and making these decisions in advance will help ease the transition of ownership, as well as management, without further risk of detriment to the business as a whole.
  • How can you minimize the tax burden upon transfer? When businesses transfer ownership, taxes are a reality regardless of the relationship between the parties. Review your options with an expert in the field in order to make the decisions that will best support your family members and the business.

Remember that inherited assets, such as family businesses, are often the cause of tremendous emotional strain and stress for individual family members. It is best to address any actions that might be seen as fair or unfair ahead of time, so that family members know what to expect and why you are making the decisions that you are making.

They may not realize, for instance, that the tax implications of inheriting a business might be more burden than they could financially handle or that decisions involving management vs. ownership have been taken into account.

Contact us about our Succession Planning Services to determine the value of your business, before restructuring your business, to review the tax consequences and tax projections of your actions, and to help you plan for retirement.

Ready to come in for an appointment?

Our schedule is very full…but if you call us at (913) 693-7984 or email us we’ll give you two options for coming in right away! We will NOT make dealing with a tax professional as painful as it’s been in the past!

Kyle Nagy’s Tax Checklist for Kansas City Taxpayers

Every year here at KPN ENTERPRISES LLC, we unwind the messes of dozens (or more) of Kansas City tax clients who went this self-prepared, software route -- and who missed out on the kind of personalized attention that we provide here. Yes, they have experts that will...

Kyle Nagy’s Four Keys To Focus And Building Momentum in 2021

It seems so long ago (it was only last week) that we were cueing the fireworks and celebrating leaving 2020 in the rearview.But after all of the events of the past week, it seems wise that we might adjust to the fact that the world around us is not what it might have...

Five Key Takeaways From The Second Coronavirus Relief Bill For Kansas City Taxpayers

Say it with me again: it's a whole new year. 2020 is in the rearview...And 2021 is starting with some very nice treats for regular families in the clunkily-named "Coronavirus Response and Relief Supplemental Appropriations Act of 2021", also known as the "Consolidated...

Kyle Nagy’s Very Last Minute Tax Moves for 2020

These weeks are disjointed, these holiday weeks. As of this writing, there are only three days left in 2020, and this week contains New Year's Eve and New Year's Day.So if you want to make ANY 2020 moves (outside of IRA things, which can be retroactively applied after...

Kyle Nagy’s Annual Holiday Prayer

This will be a different kind of note today than I normally post.Because the first thing to note is that a bona fide holiday miracle seems to have occurred: Congress agreed on another relief bill.Given this cultural climate, this might rank up there with the...

Five Key Habits of the Wealthy Kansas City Clients We Serve

The clock is really ticking now on 2020.But before you celebrate, please -- for the love of Pete -- make SURE that you are getting whatever needs doing done NOW that might affect this year's taxes. I've been banging this drum the last couple weeks, but I know how...

Paying Off Debt by Kyle Nagy

Last month, I talked about [ENGBLOG]some potential moves Kansas City taxpayers could make by the end of the year. I wanted to remind you of those possibilities before I get to what else I want to talk with you about... (paying off debt)Those were:Look ahead to 2021 --...

When Conventional Financial Advice Is Wrong by Kyle Nagy

Is there such a thing any more as "conventional wisdom"?It's a fair question to consider as we retreat further and further into our ideological silos as a society -- only reading "news" from the slant that makes us feel smartest ("See, if [smart person I read] says...

Cultivating Gratitude for Thanksgiving 2020 in Kansas City

I think we all need this week.2020 has been *so hard*, for so many in Kansas City (and far beyond!). And it's not over yet -- from continued electoral fighting, to spikes in virus cases and increased governmental restrictions all over the place, and (of course) the...

Kyle Nagy’s Tax-Wise Charitable Giving Strategies

Fatigue.Lockdowns, election politics, masks -- we THOUGHT we might be done with these things by now ... but nope. And I bet you're tired of it all. Most Kansas City people are, aside from the zealots on every side. And I get it.That doesn't mean these things aren't...