Stunkel Tax and Accounting Service

Stunkel Tax & Accounting, PC

William L. Stunkel

Certified Public Accountant

412-371-8600

 
   
         
       
         
   

  

Timely Tips from the Understandable CPA

 

Business Succession Planning Goes Beyond Saying Goodbye

Stunkel Tax & Accounting knows that if you own a business, whether it's a family-run organization or not, retirement isn't simply a matter of deciding not to go into the office anymore. Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next and for any business seeking to survive a transition. Succession Planning should be a priority for every business.


You have many critical questions to answer, such as:

• Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options.

• Have you planned for how to handle the possibly significant tax burden of transitioning your business? In particular for a family business, the challenge is that they are not generally liquid assets, and taxes may be due when ownership is transferred.

• How will you plan to minimize the tax bite?

• In a family business, how will your dynamics lessen or complicate the transition process?

• What happens to the business when you're no longer running it?

• Who's going to run the business when you're gone?

• Will you have enough money to retire?

• Will you transfer management of your business to only one of your children but transfer equal shares of business ownership to all them, whether they're actively involved in the business or not?

Once we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these five issues:

• Business Restructuring

• Business Valuation

• Retirement Projections

• Tax Consequences

• Tax Projections

Whether they're family members or stakeholders, we talk with each relevant party to ensure that they feel they are getting an equitable and fair share of the pie. Stunkel Tax & Accounting wants to discuss your business succession plan and make it work for you. Please use our
appointment planner to request a free one-half hour telephone consultation or to arrange a meeting, or give us a call: 412-371-8600.

 

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    Stunkel Tax & Accounting of Pittsburgh serves the following areas:Lower Burrell, Westmoreland County, New Kensington, Parnassus, Leechburg, Vandergrift, Apollo, Allegheny Valley, North East Allegheny County, Cheswick, Springdale, Oakmont, Verona, Penn Hills, Monroeville, Murrysville, Harwick, Tarentum, Natrona Heights, Brackenridge, Harrison Township, O'Hara Township, Blawnox, Fox Chapel, Aspinwall, Sharpsburg, Etna, Millvale, Reservce Township, Lawrenceville, Harmar, Kittaning, Creighton, Russellton, West Deer, Saxonburg, Sarver, Freeport, Gibsonia, Hampton Township, Wexford, Warrendale, Cranberry Township, Mars, Valencia, McCandless Township, Ross Township, Sewickley, Coraopolis, Green Tree, Bellevue, Avalon, Pennsylvania, and more.