Building wealth through a family business can be a lucrative and blessed enterprise. Of course, the business must be properly structured and eventually pass to the next generation of owners and managers. The Business and Succession Planning team at MV Law has decades of experience helping families establish and operate successful companies and implement business succession plans to transfer wealth and assets built over the years that can be preserved, protected, and passed on successfully to the next generation in the most cost saving and tax-efficient manner.
While the founder of the business has spent many years building the business, successors may need more time to learn from mistakes, build relationships, establish a solid strategic plan, and implement tax efficient operations in place. When you pass your business to a successor who hasn’t been taught the value of the money, you are more than likely going to experience something psychologists refer to as, “sudden wealth syndrome.” Much like people who win the lottery, successors who are just given assets will typically squander their resources on material things that provide immediate gratification rather than on pursuits that will continue to build the family legacy.
MV Law team members know how to provide wealth and business management training to successor managers and owners. Succession Plans are specifically designed to ensure that the values of the business are passed on to future generations before the monetary value is transferred to them.