The transition of a family owned business from one generation to the next can be a daunting task. For just that reason many business owners put off addressing the questions, challenges, and decisions this process presents. But when you stop to appreciate the painstaking process you went through to build your business, you may gain a greater realization of the significance of this vital step – both for your business and your family. We’d like to help.

Hungerford, Aldrin, Nichols & Carter, PC has been focused on both family owned and closely-held businesses since 1941. We’re a full-service CPA and consulting firm, the second largest locally owned CPA firm in the area. Like you, we’re locally owned and controlled, and from personal experience, we know about business in West Michigan. A number of our long-term clients are multi-generational businesses, and we’ve helped guide many through the business succession process. Often the first step in this process is to address some basic questions.

Questions to Consider

• Who has the desire for running the business?
• What are the goals of individual family or team members?
• What direction would you or they like to see the business go?
• What are the specific abilities of family and non-family members?
• What training or education might be necessary for individuals interested in the succession process?
• What is the appropriate timing and time frame for a transition?
• How can the process be handled in the most tax efficient manner?
• What are the financial implications regarding stock, gifting, continued compensation, and related real estate transactions?
• How can I achieve an orderly transition of assets to the next generation?

The Big Picture

On behalf of your business, we’ll coordinate our services with others, including your bankers, attorneys, and insurance professionals. We make it our business to get to know your business, and we’ll be there advising you through this very important process. If you’d like more information on Hungerford’s Succession Planning Services, please contact us at (616) 949-3200.