Family-Owned Businesses

Family Owned Businesses

Helping family-run firms achieve strong, enduring business performance

For you and your family, business is personal. Whether you run a mom-and-pop, a midsize firm or a large corporation, your focus and energy are in offering your customers the products and services that express your family’s values and purpose.

With all that’s already on your plate, bookkeeping, budgeting and forecasting, accounting, and taxes can get short shrift. That’s why you need CPAs on your team who can assist with these crucial tasks as well as provide expert guidance to keep your family enterprise strong and growing from one generation to the next.

Here’s what family business executives have said about working with KRS CPAs:

“KRS knows the way we operate and has a good feel for our family. As an LLC, we have a large tax liability. KRS stays on top of this for us.”

“Right away, Jerry Shanker had an idea of our needs based on his experiences working with clients who were multi-generational owned and managed. He was proactive with us and engaged us in conversation to see what our needs were for accounting and in the overall business.”

Managing Family Participation and Succession

If you’re at the helm of your business, you know it can be challenging to keep capable family members involved while minimizing internal conflicts. And if you plan to retire someday, you must also plan for the next generation to become involved in business management and operations.

Whether your goal is to maximize the value of your business for sale, or transfer the business to the next generation while minimizing estate and gift taxes, KRS can help you explore the options and formulate a plan to reach your goal, monitoring and reporting on your progress the entire time.

We are experienced with the unique challenges of managing a successful family business. That’s why many  turn to our team as their trusted advisors for assistance with:

  • Formulating strategies to minimize income taxes
  • Setting clear rules and guidelines for participation in the family enterprise
  • Offering fresh, strategic perspectives as an outside director or board advisor
  • Advising on outside and internal talent for board and key executive positions
  • Designing shareholder and buy-sell agreements to regulate ownership and the transition of power to the next generation
  • Establishing a charitable foundation to further your family’s social goals

We Are Fluent in Family Owned Businesses

If you’re not working with accountants who are proactive, trusted advisors who understand the challenges faced by multigenerational businesses, then maybe it’s time to give us a call for an initial complementary consultation.

Our services for Family-Owned Businesses include:

  • Accounting
  • Assurance
  • Budgeting & Forecasting
  • Bookkeeping & Cash Flow Analysis
  • Sales Tax Issues
  • Controller & CFO Services
  • Individual and Business Tax Planning, Preparation & Compliance
  • Governance & Succession Planning
  • Business Valuation & Litigation Support
  • Shareholder & Buy/Sell Agreements
  • Estate & Gift Valuation
  • Trust and Estate Administration