{"id":4663,"date":"2021-07-17T16:00:46","date_gmt":"2021-07-17T23:00:46","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=4663"},"modified":"2022-01-17T16:11:06","modified_gmt":"2022-01-18T00:11:06","slug":"family-business-succession-considerations","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/feusa\/family-business-succession-considerations\/","title":{"rendered":"Family Business Succession Considerations"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;3.22&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;3.25&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_button button_url=&#8221;https:\/\/familyenterpriseusa.com\/polling-and-research\/stop-elimination-of-step-up-in-basis-that-could-destroy-businesses-contact-congress\/&#8221; url_new_window=&#8221;on&#8221; button_text=&#8221;Have Your Voice Heard in Congress. Please Take Action Today!!!&#8221; button_alignment=&#8221;center&#8221; admin_label=&#8221;Call to Action Button&#8221; _builder_version=&#8221;4.9.10&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_button][et_pb_divider _builder_version=&#8221;4.10.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;Content&#8221; _builder_version=&#8221;4.14.4&#8243; text_font=&#8221;||||||||&#8221; text_font_size=&#8221;16px&#8221; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; link_option_url=&#8221;https:\/\/aspiriant.com\/&#8221; link_option_url_new_window=&#8221;on&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"text-align: center;\">By Nathan Kublank and Mary Ellen Krueger, Aspiriant Directors in Wealth Management and Partners<\/p>\n<p>[\/et_pb_text][et_pb_text admin_label=&#8221;Content&#8221; _builder_version=&#8221;4.14.4&#8243; text_font=&#8221;||||||||&#8221; text_font_size=&#8221;16px&#8221; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h2>\u200bIt\u2019s common for family businesses to strongly believe the company they or previous generations steadfastly built is the family\u2019s best long-term asset.<\/h2>\n<h3>While on the surface this belief is understandable, and often accurate, it\u2019s important to consider additional factors when it comes to making decisions around a transition of the business\u2019 ownership and leadership.<\/h3>\n<p>Considerations that should come into play include:<\/p>\n<p>\u2022 \u00a0 \u00a0Your child\/children\u2019s interest in working in the business<br \/>\u2022 \u00a0 \u00a0Their potential ability to earn income from a different source<br \/>\u2022 \u00a0 \u00a0The opportunity to sell the business at an advantageous price<br \/>\u2022 \u00a0 \u00a0The ability to reduce the risk of the family\u2019s dependence on a concentrated asset<br \/>\u2022 \u00a0 \u00a0The time and emotional burden on the current generation of ownership<\/p>\n<p>In short, creating a durable business succession plan comes down to what\u2019s in the family\u2019s long-term best interests.<\/p>\n<p><a href=\"https:\/\/aspiriant.com\/fathom\/wealth-planning\/what-to-consider-family-business-succession\/\" target=\"_blank\" rel=\"noopener\">Read more on Aspiriant\u2019s blog fathom<\/a>\u2026<\/p>\n<p><strong>About Aspiriant\u00a0<\/strong><br \/>Aspiriant is one of the country\u2019s most respected independent wealth management firms. Many clients have created successful companies that have a significant impact on society, which has given them financial freedom. Aspiriant provides context and clarity to make informed and intentional decisions. A business plan crafted for their families\u2019 goals and legacies helps inform a very personal process. Unlike niche firms, Aspiriant gives clients access to experts in all areas of wealth management, including financial planning, investing, tax strategy, estate planning and more. Our specialists collaborate to orchestrate every aspect of our clients\u2019 complex financial lives for generations. Learn more about the Aspiriant client experience at <a href=\"https:\/\/aspiriant.com\/\" target=\"_blank\" rel=\"noopener\">aspiriant.com<\/a>.<\/p>\n<p>[\/et_pb_text][et_pb_divider _builder_version=&#8221;4.10.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][et_pb_button button_url=&#8221;https:\/\/familyenterpriseusa.com\/polling-and-research\/contact-congress-asking-them-to-sponsor-the-estate-tax-rate-reduction-act-of-2021\/&#8221; button_text=&#8221;Contact Congress Now &#8211; It Only Takes a Minute&#8221; button_alignment=&#8221;center&#8221; admin_label=&#8221;Call to Action Button&#8221; _builder_version=&#8221;4.9.10&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;3.25&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;FEUSA Statement&#8221; _builder_version=&#8221;4.8.2&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; link_option_url=&#8221;https:\/\/familyenterpriseusa.com\/donate-2\/&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<hr \/>\n<p><a href=\"https:\/\/familyenterpriseusa.com\/membership\/\">Family Enterprise USA<\/a> advocates for American Family business. We help family businesses communicate their challenges and contributions to American economic freedom to Legislators. We represent all American family businesses; not just specific industries and provide research to enhance the opportunity for success. We help family businesses continue to establish their unique business legacy. Family Enterprise USA is a 501(c)(3) non-profit organization.. <a href=\"https:\/\/familyenterpriseusa.com\/membership\/\">Family foundations can donate.<\/a><\/p>\n<hr \/>\n<p>[\/et_pb_text][et_pb_button button_url=&#8221;https:\/\/familyenterpriseusa.com\/donate-2\/&#8221; button_text=&#8221;Are you an FEUSA Member?  If not, get in on the movement today!&#8221; button_alignment=&#8221;center&#8221; admin_label=&#8221;Call to Action Button&#8221; _builder_version=&#8221;4.9.3&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_button][et_pb_video src=&#8221;https:\/\/www.youtube.com\/watch?v=Bh5svKqE-1M&#8221; _builder_version=&#8221;4.10.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_video][et_pb_text admin_label=&#8221;Hash tags &#038; Tags&#8221; _builder_version=&#8221;4.9.10&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>@FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyBusiness #Business #SmallBiz #EstateTax #Deathtax #CapitalGainsTax #StepUpInBasis #Taxes #gifttax #Generationskippingtax #InheritanceTax #repealestatetax #promotefamilybusinesses #taxLegislation #AdvocatingForFamilyBusinesses #incometax #Generationallyowned #Multigenerationalbusiness<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Nathan Kublank and Mary Ellen Krueger, Aspiriant Directors in Wealth Management and Partners\u200bIt\u2019s common for family businesses to strongly believe the company they or previous generations steadfastly built is the family\u2019s best long-term asset. While on the surface this belief is understandable, and often accurate, it\u2019s important to consider additional factors when it comes [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1335,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[48,3,78],"tags":[],"class_list":["post-4663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-feusa","category-in-the-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/4663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4663"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/4663\/revisions"}],"predecessor-version":[{"id":4669,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/4663\/revisions\/4669"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/1335"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}