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    5 Replies Latest reply on Sep 8, 2008 3:27 PM by LUCKIEST

    Family Business - passing to next Generation

    sfrepomom Newbie
      Hi -

      I am the Operations Director for a family run repo business. The owner, my dad is 78 years old and health is being a factor.

      I would like to know what I need to do the facilitate the "transfer" of the business to have me as the successor. This is mostly so that my mother would have a means of income as well. There are siblings, however there are none that have any interest in the business, running it or otherwise - so they say.

      Can you make a few suggestions - quick and simple - I know that there are tax issues and valuation issues, however I just want the irs to stay out of it and also, we don't want any probate issues.

      Any advise would be great.
      Thanks!!