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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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Chapter 7: SOLVING PROBLEMS IN SUCCESSION PLANNING FOR FAMILY BUSINESSES

Gary A. Zwick and James J. Jurinski

Extract

This chapter details the thorny issue of succession – who will lead the business in the future. This seemingly simple issue has proved the most vexing problem of all for family businesses. While the decision in a non-family business is generally made on the basis of merit alone, the succession decision in a family business is far more complicated. In some cases there may be no obvious candidate but there can equally be more than one able candidate which makes the decision even more complicated, because the decision will disappoint one or more family members. While choosing a competent non-family member may be a good business solution, the choice may be a disaster for the family. Sometimes older managers “hang on” too long. The chapter also suggests how the decision can be made and sets out a timetable for making and implementing the decision, while considering the interests of various family members.

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