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A family business owner knows that as the business grows, they must consider how the business will prosper when he or she exits the company.

What is best for the success of the business, the needs of the family, and the wishes of the owner should result in a plan that moves all parties forward toward healthy future growth and accord.

While the question of who will take over your business is central to a succession plan, it is equally important to plan ahead for the tax implications of a transfer of business assets to your appointed successors.