A Few of the Many Questions Family Business Owners are Considering
Our clients know how to create financial independence, but they’re often wrestling with important questions. Our Strategic Wealth Process™ helps guide our clients to well-thought-out decisions based on a thorough Discovery and careful solutions design. Here are some of the common questions our clients are asking:
- How much capital do I need to achieve financial independence?
- How do I protect what I have worked so hard during the course of my lifetime to build?
- Is it wise to leave all of my wealth to my children?
- Is it wise to leave the business to my children?
- Is there a tax-smart way to pass the business onto the next generation that doesn’t cost a fortune or risk my financial security and independence?
- Should I consider leaving a family legacy? When? How much?
- I have been underpaying myself for years and reinvesting profits in the company to ensure its long-term success. How can I ensure financial independence for myself without having to depend on the future profits of the business?
- What’s “fair”? How do I rationalize passing the business onto one child who wants to manage, while my other children are not active participants in the business?
- How can I guarantee the business will be able to carry on without me while ensuring my financial security and maintaining family harmony?
- If something happens to me, how do I ensure that my family will be taken care of? Does the plan make sense? Will there be enough money?
- Do my Wills, Corporate Structure, etc. reflect my values, my family’s values and address my family’s overall financial security?
- How can I continue to derive meaning and pleasure from what I do without the pressure of being 100% owner? How can I continue to engage with the business, but have the freedom to come and go as I please?
- If I die unexpectedly, will my partners be able to pay my family fairly and promptly for my shares?