From Obstacle to Opportunity
Can I phase out of my business without losing control? Should I offer ownership to employees? How can I provide income to my family if I become disabled or when I die? Questions such as these and countless more may echo in a closely held business owner’s mind – unless this business owner possesses a sound continuity plan.
If a privately held business is to be preserved within a family, it must be understood that the greatest threats to its future success are family dynamics and taxes. Choosing a leadership successor, taxes upon heirs and equitable treatment of non-successor heirs are among the key issues that an inventive succession plan will address.
If there is to be no family succession, a different set of questions arises. But regardless of circumstances, The Mid-Continent Companies offers expertise that results in succession plans custom-designed for flexibility and enduring value.
Preserving the Entrepreneurial Spirit
Most family-based business pioneers possess a strong sense of stewardship towards their non-family executives, employees and stakeholders. When planning for business succession, Mid-Continent can include forward-thinking involvement of these parties.