Many business owners do not have any plan for transferring ownership of their small business to their heirs. The owner of the business must consider his children’s desire to be in the family business versus one who does not.
Aside from the issue of how to be fair and equitable to your children, business owners should take advantage of various gift strategies to minimize taxes upon transfer of the business. This is especially true with values in excess of $10,500,000 (the amount which can be excluded from gift tax for federal gift tax pup roses if your spouse agrees to split the gift)