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Take steps in family business succession planning

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Question: I own my own business. Several years ago my son came into the business. One day I would like for him to own it. Is it better to try to sell it to him now, or just leave it to him in my will?

Answer: If your business is successful, good for you.

Unfortunately, most small businesses are worth more to the present owner than to the next guy. Once you factor in salary, perks and tax breaks, a successful business is generally more valuable to the owner if he keeps it than for the price he would fetch selling it.

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