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Tax and Financial Planning for the Closely Held Family Business

Gary A. Zwick and James J. Jurinski

Tax and Financial Planning for the Closely Held Family Business serves as a manual to help business advisers devise strategies for clients dealing with family issues. Guiding family businesses through the complex maze of organizational, tax, financial, governance, estate planning, and personal family issues is a complex, time-consuming, difficult, and sometimes emotional process. This book focuses not only on identifying the problems family businesses face, but on devising solutions and planning opportunities for both family businesses and their owners. Each chapter of this book contains creative planning opportunities that advisers can suggest and help implement in order to solve real problems in the family business.
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Gary A. Zwick and James J. Jurinski


This chapter focuses on family issues in business operations. Family business planning must be carefully designed because it can have a dramatic effect on the finances of individual family members. Conversely estate and retirement planning for individual family members can have a major impact on the business. Unfortunately family members who work together in a business are not always able to get along. This chapter details common family issues, including divorce, and other conflicts, to enable an adviser to anticipate problems that a particular business may experience over the years. The chapter describes the importance of dealing with “soft issues" – family and personal problems that do not have quantifiable solutions and whose answers cannot be expressed in simple numeric terms. The chapter also details devices like family mission statements, family strategic plans, family constitutions, and family councils may eliminate conflicts. Finally, mediation and arbitration can minimize the impact once conflicts arise.

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