Miller & Company CPAs: Tax Accountants
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Succession PlanningYou’ve built your business through a lot of hard work and maybe a little luck. In the end, you’ve constructed something of value, both to your family and your community. According to Forbes Magazine, family businesses make up as much as 50 percent of America’s gross domestic product. In fact, family businesses account for more than a third of the Fortune 500 roster. About 30 percent of these companies have existed for multiple generations. To get there takes foresight and careful succession planning in NYC. As you near the retirement you’ve planned, you realize you want your legacy business to continue — not in strangers’ hands, but in your family’s. That’s the essence of NYC business succession planning, but it’s easier to say than do. Your family dynamic may complicate any transition succession planning you attempt because of the relationships and emotions involved. DEALING WITH FAMILY CONFLICTS You know your family better than anyone, and may be able to predict disagreements as you work out your succession plans. Expect the problems that arise to stem from personality conflicts, hurt feelings and jealousy. To make the transition work, however, you have to pick your successor from within your family. Challenges can include: Getting the family on the same page Balancing the benefits throughout the family Setting up rules everyone can live with Grooming suitable heirs It’s ironic, since the success you enjoy today was built upon and defined by the relationships you made. The quality of your business relationships influences the quality of your company. Now if you can only influence the quality of your familial relationships. No matter how involved your family’s been in your business, succession planning requires a sure hand and clear goals, as more than seven out of ten family-owned businesses fail to survive the transition from the founder to the second generation. To make that transition, call on business succession planning consultants who have your interests in mind while they enable your business to succeed. Read more at https://www.cpafirmnyc.com/succession-planning Working Hours: Monday – Friday: 9:00 am – 7:00 pm Saturday: 9:00 am – 4:00 pm Sunday: Closed Payment: cash, check, credit cards. CONTACT US Miller & Company CPAs: Tax Accountants Sarasota, Florida 2831 Ringling Boulevard, #204B Sarasota, FL 34237 (941) 366-5646 https://www.cpafirmnyc.com/accounting-firm-sarasota-fl https://www.facebook.com/Miller-Company-LLP-741061575994635 https://twitter.com/sarasotacpafirm https://www.linkedin.com/company/miller-&-company-llp https://www.instagram.com/cpafirmsarasota https://www.youtube.com/channel/UCAtVqPa3AmY8OP-XMzoGu-g https://www.flickr.com/people/150640740@N04 hhttps://sarasotacpafirm.tumblr.com https://www.pinterest.com/sarasotacpafirm https://g.page/accounting-firm-florida?gm find us at arcg.isl us-info.com fyple.com wherezit.com citysquares.com ewire.com southfloridareview.com profileonweb.com sunshine.guide mix.com |
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