Raise your hand if you are the owner (or part owner) of a successful family business, and someday you want your kids to step into your shoes [as the new owner(s)]. Let’s be specific about the word ‘kids’. We mean only those kids who are now in the business and who will someday run the business.
Most of the concepts and strategies you read in this tax column are really answers to questions asked (or concerns, problems or fears told to us) by readers who called our office.
While scanning the pages of one of the trade journals that carries this tax column, a headline for an ad intrigued me: “We install 90% of what we sell.
Earlier this year this column carried an article with a similar title (but the percentage was 16.28%, instead of the 16.36% in this title). Readers buried us in an avalanche of calls, faxes and e-mails.
When giving my tax-planning, wealth-building seminars, here’s a question I usually ask the audience, “Do you know the Rule of 72 and how it works?” Typically, about one-third of the audience raises their hands.
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