You’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.
Succession planning involves maintaining a successful business while developing the leadership abilities of the next generation. Miller & Company LLP, NY Certified Public Accountants, a best rated NYC CPA firm.
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.
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:
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.
To ease your transition anxiety, the business experts at Miller & Company located in NYC and Queens recommend taking the following recommendations:
Developing and implementing a well-designed succession plan are only ways to encourage the survival of your family business from one generation to the next. You can never guarantee its success, but that’s part of letting go of the reins and trusting your successors. For each of the following steps, you can get professional assistance from Miller & Company — and you may need it:
At any stage along the way — from initial idea to final contract — you can hire a business expert to offer advice and to review your documentation. Depending on the size of your family business, you may need to involve accountants, lawyers, tax experts, business specialists and even real estate professionals. If your goal is a successful transition of ownership and management, don’t hesitate to get the help you need when you need it.
Best NY CPA, Miller & Company of NYC, you’ll find big-picture New York accountants who look to protect your interests at every turn. Once they understand your vision, they can begin business succession planning that incorporates your needs. In particular, your personal NYC CPA focuses on five key issues you’ll encounter during your transition succession planning:
Do you have questions about services we offer including Succession Planning in NYC and Long Island? Would you like to receive a personal Succession Planning consultation customized to your specific needs? To schedule an appointment with a nationally recognized, best NY CPA, Paul Miller of Miller & Company LLP, please contact our Long Island or NYC tax accountants for a FREE CPA consultation.
|Queens CPA Firm
Miller & Company LLP
Paul Miller, CPA (Queens Certified Public Accountants)
141-07 20th Ave, Suite 101
Whitestone, NY 11357
☎ (718) 767-0737
|Manhattan CPA Firm
Miller & Company LLP
Paul Miller, CPA (NYC Certified Public Accountants)
274 Madison Avenue, Suite 402
New York, NY 10016
☎ (646) 865-1444