You’ve put time, money, and hard work into building your family’s business. And you give all that effort to gain much more than immediate financial rewards. Younger generations stepping in might be your dream. Or perhaps you’re nurturing a business that your parents started. Maybe you’re not sure who will carry on what you’ve built. Either way, your business is likely a large part of who you are.

The personal finances of business owners are dramatically impacted by, if not intertwined with, those of the business. You need creative accounting strategies appropriate for managing the relationship between business and personal finances.

Running a privately-held company is tough.  At PSK, we advise hundreds of family businesses to help sustain them and to proactively grow them.

Exit Strategy
Did you know only one in three family businesses succeeds beyond the first generation to the next? According to a Business Week special report on family businesses from 2006:

Each succeeding generation has its own ideas about taking the company forward—or if, indeed, it wants to join the family business at all. Successful transition has always been crucial to the continued success of family businesses—and the next 10 years will see a major increase in the number of companies facing that hurdle, as more baby boomers begin to retire.

One of the most complex and emotionally charged events that family businesses face is the exit phase. Of the businesses that don’t make it to, or through, that stage, lack of planning for the transfer of leadership responsibilities is a common cause of company dissolution.

Business exit or succession planning protects against such complications. This type of planning also proves wise in the event of unexpected death or divorce of company owners. Let PSK guide you toward the best possible outcome in the evolution of your business, whether it be succession to a family member or trusted employee, bringing in new management from outside, or changes due to divorce, sale, or merger.

As a firm that’s worked with Arlington’s family-owned companies for 45 years, we’re knowledgeable about business plans, taxes, financial statement audits, structure of ownership, planning for long-term, developing employee handbooks, and auditing a benefits package for your employees and owners.

To speak with an accountant who understands the special concerns of family business, call PSK today.