Skip to content

JRM Financial Associates Succession Planning

When It's Time to Move OnÂ…

If you own a family business, the issues you face when you would like to retire include much more than not going into the office.  JRM Financial Services recognizes that you've got some critical questions to answer such as...

"What will or should happen to the business when you're no longer running it?" and,

"Can you afford to retire?"

The family dynamic complicates the transition process because of the relationships and emotions involved. And, most people are not comfortable discussing topics such as aging, death, and financial affairs.  But comfortable or not, making arrangements for what happens next should be a priority for any family business.  Succession planning services in NJ are critical because more than seven out of ten family-owned businesses fail to survive the transition from the founder to the second generation.  The most common pitfalls are estate taxes or family discord or both.

Therefore, developing and implementing a well-designed succession plan is essential for keeping a family business operating when it passes from one generation to the next.

JRM Financial Services can help you with these key issues -

  • Should the business stay in the family? Are you going to pass the business on to your family or sell it to a third party?  JRM helps you weigh the advantages and disadvantages of each of these options.
  • Who will manage the business when you're gone?  Management and ownership are not the same. You could decide that one of your children will manage the business but all children will share equally in ownership, without active involvement.
  • What about the taxes?  The tax burden when transitioning a family business can be significant. The challenge is that although a family business is not generally a liquid asset, the taxes are typically due when ownership is transferred.
  • I want to be fair. There tends to be a lot of stress among family members when the ownership of a family business is transferred.   To reduce this stress, JRM will talk with each family member to ensure that they feel that they are being treated equitably in the transaction.

What we do for you...

Once we have talked through the key issues above and we understand how you feel about them, we will begin constructing your succession plan focusing on 5 key issues...

  1. Business Valuation
  2. Business Restructuring
  3. Tax Consequences
  4. Retirement Projections
  5. Tax Projections

Let us help you pass on what's taken a lifetime to build by requesting a Free Consultation to discuss succession planning services in NJ and elsewhere. Just complete the form below.

Best Time To Call

[ Show a different Image ]

Ask a Question

Find comfort in knowing an Expert in accounting is only an email or phone-call away.

(908) 237-1809

We Are Here to Help

We will happily offer you a free consultation to determine how we can best serve you.

Contact Us

Send us a File

Use our convenient SecureSend page to securely deliver a file directly to a member of our firm.

Secure Send


Subscribe to our newsletter to receive news, updates, and valuable tips.