Deciding how to pass ownership interests on at retirement or death can be as much an emotional issue as a financial-planning concern.
Many owners dislike even the idea of thinking about giving up control of their company.
When designing a succession plan for your business, you need to consider your ongoing financial needs, the business' needs, who you would like to take over the business when you retire or die, and potential estate-tax consequences of transferring the business. These factors all help you determine the best way to transfer your business. Leaving your business interest to the family members who will continue the business after your death. Making lifetime gifts of your business interests to them. Bringing in family members as co-owners who will buy your share of the business at your retirement or death.