Business owners looking to sell or transfer their business to a family member may have some tax decisions to make if the Biden administration gets its tax code revisions through Congress this year.

Leaders of two, Lehigh area sixth-generation businesses -- Unique Pretzels and D. G. Yuengling & Son – shared thoughts on staying relevant and the importance of planning for the transition of leadership, during the Family Business Alliance’s 2020 Fall Forum.

A recent family business survey conducted by the National Bureau of Economic Research’s Family Business Alliance indicates that only 15% of the family businesses have developed and documented anything appearing to be a succession plan. This is troubling because succession of ownership and leadership is a critical issue for the long-term success of a business. 

In the coronavirus era the path to small business succession and exit planning is lined with planning, purpose, flexibility and careful choices. 

The progress of innovation in manufacturing and the availability of investment capital have created an environment that’s primed for merger and acquisition activity in 2020.

As a Mergers and Acquisitions Specialist, I advise many business owners regarding their exit strategies. I am also often asked to advise companies wishing to begin the succession planning process.