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Involving family members in your business isn’t a course of action to take lightly. If you are considering this option, it is best to approach it as seriously and professionally as you would any other business venture.

Planning for the transition of the business you have spent many years building is not an easy task. However, taking steps now to prepare a business will and the accompanying documents can help ensure your business continues according to your wishes.

There are many positive aspects of being part of a family business. Relative (no pun intended) job security and financial benefits are two that readily come to mind.

Have you ever wondered what would happen to your company if you if you could not continue to personally run it?

For smaller companies, the bank is a common and important source of the capital required for growth.

Many business owners who would never think of leaving their buildings and contents uninsured overlook how much it would cost them in lost earnings if operations were down for a period of time due to a natural or man-made disaster.

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.

You may be one of the many family business owners who can’t imagine ever fully stepping down from your company. You may imagine yourself busy in a mentoring role for many years to come.

With a GRAT, you can put all or part of your company’s stock into an irrevocable trust that pays you (the business owner) a fixed income for a specified number of years.