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Follow on Google News | Six Questions Every Business Owner Needs to Know about Succession PlanningSuccession planning is important for any business to survive for generations. Gary Pittsford, CFP, CEO and President of Castle Wealth Advisors helps business owners understand six key questions they need to know about succession planning.
“There are many reasons why this occurs,” said Gary Pittsford, CEO and President of Castle Wealth Advisors, and Indianapolis- A comprehensive business succession plan lays the foundation for a smoother transition from one company president to the next. “If a business owner dies without a succession plan, his will and trust dictate how stock is divided,” said Pittsford, “and that may not be the best choice for preserving the business and protecting the owner’s family.” Pittsford advocates six areas that need to be addressed for a succession plan to be comprehensive: • What type of corporation does a business owner have? • How are family members involved in the company? • How will an owner transition stock? • How do owners secure a comfortable retirement? • How do owners minimize personal and corporate taxes during a transition? • How do owners write wills and trusts that protect him, his family and his business? Comprehensive succession planning creates layers of protection for families and their businesses. “It helps owners develop a financial blueprint to follow, which will protect their business,” said Pittsford. And it helps owners treat their family members fairly and equitably whether they work inside or outside the company. # # # About Castle Wealth Advisors, LLC: Castle Wealth Advisors is an Indianapolis- Website: castle3.com End
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