The success of a small business is often the result of the cumulative knowledge, expertise and determination of its founder. Most successful small businesses have key people in the organization, people that may have certain operational skills or a respected customer base. However, it is not uncommon to find a closely held business with NO business succession plan in place. This could be the downfall of the business. Without proper succession planning, the loss of a key person could be the end of the business.
Management is a key success factor in any closely held business.
Just in case the last name sounds familiar, the owners are three of the four children of former Patriots player Bobby and Beverly Dee. The new owners have become our clients. Congress revised the law requiring household employers to pay Social Security and Medicare taxes on most baby-sitters, maids and other domestic employees. Don't wait until too late. It looks like Congress will pass some sort of capital gains tax relief soon.