As a business owner, you'll decide when and how to plan your exit strategy from the family business. There are many planning tools you can use to transfer the ownership of your business. Selecting the right option will allow you to either retire from your business or keep it in your own hands until the day of your passing.
Obviously, you'll want to transfer your business to your successors at its full value. However, with income, gift, and potential estate taxes, it takes careful planning to prevent some (or all) of the business assets from being sold to pay the tax. This could inevitably leave little for you and your beneficiaries. Therefore, business succession planning must include ways to ensure the continuity of your business, and do so with the smallest tax consequences.



