Nearly 90% of businesses in USA are family-owned, and these types of businesses have their own problems with regard to long-term business plans. If your business is to succeed and grow in times to come, it is important that you ask your CPA to work out a succession planning. CPAs guide the business owner and family through each aspect of perpetuating a business after the owner has retired or passed away. A well-defined succession plan could spare your heirs a great deal of time, money, and legal problems. The CPA will inspire confidence as a family business advisor only if he acts as an advisor to all members of the entire family and not just advise the individual business owners alone.

Ask your CPAs to organize meetings with family members to discuss all long term business plans and what is to be done when you exit the business. Although the actual transfer of control to the new successor occurs when the business owner retires, the transition can be gradual by turning over more and more of the day-to-day responsibility to the successor. CPAs often are the closest, most trusted and therefore are accepted as the professional advisors to identify and find solutions to such problems. CPAs have the required knowledge, skills and credibility to help family businesses overcome all possible perils including the dire ones that may tear the business and family apart.

Cirimilli,Pyle and Associates LLP provide their services for family businesses and succession planning in San Jose, Saratoga and Campbell. They can be contacted at their office: 901 CAMPISI WAY, SUITE 380, CAMPBELL, CA 95008. Or on the phone at: 408-879-9990 or Email at: cpa@cpasllp.com