Mark W. Petro's Profile Picture
Mark W Petro
mark.petro@lakelandinvestors.com
 
 




Family Business Succession Planning
 

Business Succession Planning Alternatives

Lifetime giftsBequestLifetime saleEstate saleBuy-sell agreement
If you want to:

Sell your business interest

 Not appropriate Not appropriateYou may be able to sell your business outright — but there is no guaranteeYour estate may be able to sell your business outright — but there is no guarantee Buy-sell agreement can be used to provide for the sale of your business
If you want to:

Give business to your children

 You can control the timing and size of the giftsYou control the size of the gift through your willNot appropriate Not appropriateNot appropriate
If you want to:

Sell business to your children

Can be used in conjunction with saleNot appropriateYou can control timing of sale — but sale is not guaranteedYour child could buy from your estate — but sale is not guaranteed Buy-sell can be used to provide for your child's option to buy your interest
If you want to:

Minimize value of your estate

 Can be used to reduce the value of your estate and maximize gift tax exclusionWill not minimize value of your estate You can control timing of sale — but sale is not guaranteed Value of business must be included in your estate Value of business must be included in your estate, but the buy-sell can help establish that value

Investments and advisory services are offered through Lakeland Investor Services, Inc., a Registered Investment Advisor. 11873 Oakland Beach Road, Conneaut Lake, PA 16316, (814) 382-6681. Insurance services offered through Lakeland Insurance Services, LLC and Mark W. Petro, an agent licensed in PA, FL, NJ, OH and VA. Neither Lakeland Investor Services, Inc. nor its agents and representatives can provide tax, legal or accounting advice. Clients should consult their own attorney or tax advisor about their specific circumstances.

 

This communication is strictly intended for individuals residing in the state(s) of FL, NJ, OH, PA and VA. No offers may be made or accepted from any resident outside the specific states referenced.
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