A key goal of many of our business owner clients is to someday transfer their business interest to either family members or key employees. Properly done, this type of planning can offer to both the current and successor owner a worry free, tax efficient method of business succession. Furthermore, the loss of a business owner through death or disability can catch even the most efficiently managed small companies off guard and, worse, unprepared to deal with the repercussions. Family businesses, in particular, are susceptible to erosion of capital due to estate taxes and legal fees; not to mention the possible hurdles of voting control being scattered among heirs, with conflicting points of view impeding the business' operation and growth.

There are many pitfalls to business succession planning, and, as uncomfortable as it may be to discuss, a professional evaluation of your current situation can help avoid future problems.

Strategies for Wealth is well positioned to help advise you on these important issues.

* Guardian, its subsidiaries, associates and employees do not give tax or legal advice.