A business owner will spend their lifetime building a business from the ground up, but will spend little, to no time, in planning its transition to their family. It is estimated that a business owner will spend nearly a million hours during their lifetime building, growing and operating a business, but spend less than four hours, if any, planning on its transition from that owner to their loved ones.
Rarely is the unique natural skill-set that the business owner has to build, create and grow that business passed on to their children. Each person is very different and has a different set of skill sets, and many times they do not have the same talents that their parents do. Therefore the children’s strengths do not match up with the unique skill-set of their parent who created and built the valuable business. It is estimated that only one-half of the businesses survive the second generation and approximately 15% survive the third generation.
The Customized Protective Estate Plan Solution™ can help the business owner understand the strengths and weaknesses of their adult children and loved ones, and whether or not they are the appropriate ones who should end up with the business. Also you may have one adult child that is working in the business and others who are not. You do not want to set up conflict between the one operating the business and the ones that don’t. There may be other assets that you can leave to the adult children who are not in the business. Each family and each business is unique and requires a unique solution. We can help find that using the Customized Protective Estate Plan Solution™.
At the Law Firm of Steven Andrew Jackson, Attorney and Counsellor at Law, we have helped hundreds of families protect themselves and their loved ones, avoid Estate Taxes and Probate Costs, and keep their Estate Plans current with the law through The Customized Protective Estate Planning Solution™.