Accounting and Strategic Planning for Family Owned Businesses

If you have a family owned business you know how hard you have worked in building a successful company or possibly carrying on and growing a business that your parents turned over to you. In building your business you hoped for more than just financial success. You grew a business that you hoped would be a legacy for the younger generations to carry on once you decided to slow down. This type of business reflects your own unique personality and is thus who you are. Your business and your own personal life are very much intertwined.

PSK understands the dynamics of this and will provide appropriate accounting and business strategies to control problems, as well as take advantage of the opportunities. We understand that running a closely held business is hard work and we can help provide peace of mind that allows you to focus on growing the business and not worrying about accounting and tax issues.

Only a small percentage of family owned businesses succeed beyond the first generation, so it is important to examine the various exit strategies that are available. Successful exit strategies take some time to develop and implement. PSK understands this and will help you maximize your company’s value in the event of an external sale. There can be other types of exit strategy issues that can occur as well such as untimely death or divorce. These create their own unique problems that should be addressed before they occur.

PSK understands these issues and can provide valuable input and planning strategies based on our firm’s experience gained over 50 years of working with family held and closely held businesses.

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