Succession planning should be a priority for any family business, especially as the owner approaches the retirement age. At Jones, Savarese, Harrington & Company, we know this can be a delicate topic. The family dynamic often complicates the whole transition because relationships and emotions are involved. Many people are also uncomfortable discussing topics such as aging, death, and financial affairs.
Our advisors simply want to see your business succeed while you enjoy retirement. Let’s put this into perspective. More than seven out of 10 family-owned businesses fail to survive the transition from founder to second generation. These businesses typically fall prey to estate taxes or family discord– or both.
Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next. Jones, Savarese, Harrington & Company is more than just a public accounting firm. We are a trusted financial advisor who can help your company navigate all the details of succession planning with our vast financial, small business and tax accounting expertise.