Bob GauvreauAsk Bob Gauvreau Questions Based On His Training

Succession Planning for Family Businesses | Overcoming Challenges and Tax-Saving Strategies #shorts

6 Nov 2023 · 1 min

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Bob Gauvreau delivers a short advisory video on succession planning for family businesses. He praises the strengths of family firms while warning that family members often have divergent goals about growing, taking over, or exiting the business. He outlines tax-efficient transfer options — including transfers that avoid triggering taxes and owner-funded buyouts paid over time — and advises planning at least two years ahead to achieve tax-efficient succession.

Chapters

Family business is a beautiful thing and it can be a really amazing thing because it's united passion for everyone really starting to see the hard work and labor of a family opportunity and a family business. So some of the challenges though that come into play is that there's a lot of connected people in here who may or may not have the same interests 1 in growing the business, 2 in taking over the business or 3 in exiting a business. There's lots of challenges that come up with family business but here's what I want you to know is that if you've got a family business and we want to look at succeeding one generation to another there's opportunities to do this without triggering taxes on this situation. We can also do it where the generation that owns it funds the buyout for the next generation over a period of time or while minimizing taxes. We need to be planning at least two years out to do this on the most tax efficient way.