Business Succession Planning

Family-Owned Businesses

Family owned businesses are the backbone of the U.S. economy.  It is estimated that 64% of all new jobs are created by small, privately-held companies.  In addition, for the current owners of a family-run business, it tends to be the largest asset in their estate.  Thus the transition of the family business needs to be handled with special care and planning.

Whether you anticipate one day selling the business, or transitioning it to the next generation, we can assist you in creating a unique plan that encompasses your financial needs and your wishes for the future of the business.  And in every plan we do, we try to do so in a tax-efficient manner, from both an estate tax and income tax perspective.  But the most important part of any business succession plan is your desire as the business owner – what do you want to happen?

Selling the Business

If you want to sell your business, we can assist in a comprehensive review of the company’s financial records and can help you position the business for the best sales price.  We have a robust mergers and acquisitions group that assists buyers with due diligence work on perspective acquisitions.  With our extensive network of venture capital insiders that we work with, we can help you navigate the selling process and help you realize the maximum selling price.

Passing It On

If, on the other hand, you want to pass the business on to your children or other heirs, we can help you establish a plan to do so.  We can assist with gifting strategies, valuation issues, seller financing issues, and various other matters relating to transferring your business in a tax-efficient matter.  Whether you want to gift the ownership, sell it, or some combination of both, we can devise the plan to make sure you reach your goals – both financial and personal.

Center for Private Business

Smith Leonard is proud to be a sponsor of Wake Forest University’s Center for Private Business, whose mission is to enable privately-owned businesses to achieve dreams for their business, family, employees, community, and stakeholders by providing access to industry leaders, resources, networks, and education. Through this membership, we can leverage additional resources that you may need as you consider the future of your business.



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