Navigating the succession of a family-owned business involves more than just passing down the proverbial baton; it’s about transferring a legacy – with a side of laughter and legal documents. Here's how you can wade through the process without losing your sense of humor (or your sanity).
The Thanksgiving Dinner of Negotiations
Much like deciding who gets the last piece of pie at Thanksgiving, setting a sales price with family can test even the strongest of bonds. But fear not, for this is just the appetizer in the feast of transitioning ownership.
A Sea of Bureaucracy Awaits
Imagine setting up a social media profile, but replace the excitement of choosing a profile photo with the thrill of registering for taxes. Welcome to the glamorous life of taking over the family business!
Splitting Assets Like a Hollywood Divorce
Congratulations, you’re now the proud inheritor of not just a business, but possibly a building too. Donna Bordo advises treating these assets like estranged relatives at a wedding – best kept apart for everyone’s sake.
Avoiding Dance Missteps with the IRS
Starting off on the right foot isn’t just good dance advice; it’s crucial for avoiding a tango with tax troubles. With guidance from the pros, you’ll be gliding smoothly through the financial complexities of business ownership.
Karaoke Night with the Accountants
Transferring ownership of a family-owned business doesn’t have to be a drab affair filled with dread and daunting paperwork. With a little help from experienced professionals like Donna Bordo and Calculated Moves, you’re not just surviving; you're thriving with a smile.
Ready to tackle the transition with a grin and strategic plan? Visit calculatedmoves.com for a partner in navigating the comedic complexities of business ownership.
Remember, when it comes to family businesses, the real success story is making it through without becoming an accidental comedian—at least, not at the expense of your accounting mistakes.
Donna Bordeaux, CPA with Calculated Moves
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.