For owners of all types of businesses and firms, the question of “what happens when I am gone?” can generate a range of answers. The concern may focus on how to pass an enterprise to the next generation, many years down the line. Or a plan may need to address a more immediate eventuality, such as how will the business operate if a partner retires, leaves, or suddenly dies?
Miller Kaplan Arase LLP, a full service CPA firm has worked with a range of privately held companies and entrepreneurs to help transform these questions into workable practical succession plans.
Answering “What If” Before It Occurs
Just as no two businesses are identical, every owner has a unique vision of business succession. We advise family-owned and closely held businesses, as well as partnerships, to help develop succession plans that address the entire range of personal and business concerns.
Succession rarely occurs in isolation and Miller Kaplan considers all the factors at play. These may include balance sheets, cash flow and company assets, estates, gifts and trusts, tax planning and real property ownership.
Miller Kaplan provides businesses with a range of options and planning instruments that minimize risk and purposefully address the eventuality of an exit, intergenerational transfers, and changes in ownership. For example, in the case of partnerships, life insurance policies can be cost-effective planning tools to prevent future financial burdens. Our strategic viewpoint is strengthened by more than 70 years of working with multiple generations and life cycles of businesses across numerous industries.