OUR VALUES

Parsons & Wright, CPAs strives to be the best that we can be in every endeavor that we encounter. Holding ourselves and our firm to a high standard we will provide our clients with professionalism, quality, and efficiency.

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OUR HISTORY

The story of Parsons & Wright starts in 1989 when 2 local CPA firms came together to form the partnership that still exists today. We have seen changes in staff, tax laws, and audit requirements but the quality and outstanding accounting services that Parsons & Wright offers has not changed.

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OUR FUTURE

With fast paced times full of change and uncertainty you can count on Parsons & Wright to be consistent in the services that we provide. That consistency has allowed us to be mindful of new and more efficient ways to serve you.

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Succession Planning


If you own a family business, retirement isn't simply a matter of deciding not to go into the office anymore. You've got some critical questions to answer like...

"What happens to the business when you're no longer running it?" and

"Will you have enough money to retire?"

The family dynamic complicates the whole transition because of the relationships and emotions involved. Most people are not comfortable discussing topics such as aging, death, and financial affairs.

Comfortable or not, succession planning should be a priority for any family business considering that more than seven out of ten family-owned businesses fail to survive the transition from founder to second generation, typically falling prey either to estate taxes or family discord - or both.

Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next.

We help you with these key issues -

  • Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options.

  • Who's going to run the business when you're gone? Management and ownership are not one and the same. You may decide to transfer management of your business to just one of your children but transfer equal shares of business ownership to all your children, whether they're actively involved in the business or not.

  • Minimizing the tax bite. The tax burden when transitioning a family business can be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due when ownership is transferred.

  • Making it fair. Transferring family ownership often adds a tremendous amount of stress to individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie.

What we do for you...

Once we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these 5 issues...

  1. Business Valuation

  2. Business Restructuring

  3. Tax Consequences

  4. Retirement Projections

  5. Tax Projections

Let us help you pass on what's taken a lifetime to build by requesting a Consultation below.

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Contact Us

Kingston, TN CPA, Parsons & Wright CPAs

Parsons & Wright CPAs | 1000 Brentwood Way, Kingston, TN 37763 | Phone: (865) 376-5865 | Fax: (865) 376-5980 | info@parsonsandwrightcpas.com

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