Board Converting News, November 21, 2022

Using Family Trusts (CONT’D FROM PAGE 32)

Board Converting NEWS INTERNET DIRECTORY

ing bonds which would provide guaranteed but limited income. Start Early Starting the trust planning process early will help protect your family business assets from a sudden loss through an unexpected lawsuit or death. “Planning should start as soon as your business has assets worth protect- ing,” says Bill Babb, Senior Consultant at the Family Busi- ness Institute, Raleigh, North Carolina ( familybusines- sinstitute.com ). “You want a smooth and safe transition program in place before the death of someone in an own- ership position.” When seeking outside help to plan your trust, toss a wide net. A family business transition has implications for income and estate taxes, the protection of assets, and the outstanding agreements of banks and creditors. Because so many areas are involved, experts suggest assembling an advisory team that consists of an attorney, an accoun- tant, a management consultant and a banker. Having bank lenders represented is especially im- portant. “It often happens that when a key person dies the banks get squirrely and call outstanding notes,” says

ADVANTZWARE www.advantzware.com

Advantzware provides a flexible and comprehensive system to address the business management needs of the independent box business, as well as the ERP re- quirements of full scale packaging plants and integrat- ed companies. With modules for estimating, scheduling, production, inventory and accounting, this scalable sys- tem supports packaging plants that produce corrugat- ed boxes, folding cartons, point of purchase displays, assembled partitions, paperboard products, foam fab- rication, as well as distribution of packaging supplies. AIR CONVEYING CORPORATION www.accfilter.com Air Conveying Corporation is a recognized leader in the in- dustry of Pneumatic Conveying Systems and has been in business since 1968. As an equipment manufacturer rather than simply a sales organization, we have complete control over the quality of material and products which make up your proposed system. Our equipment is found in Printing, Folding Carton and Corrugated plants throughout the coun- try and the world. Let us build you the best Trim Removal System you ever had. Contact us today. Amtech offers the industry’s most innovative and compre- hensive corrugated and packaging ERP, integrated sched- uling software, and engineered automation technology. For over 30 years, Amtech has remained at the backbone of successful businesses from the independent box makers to the largest integrateds. We keep our customers competitive in an ever-changing economy with options such as custom- er digital storefronts and workflows, business intelligence, automated scheduling for corrugators, converting and shipping, proactive roll stock and inventory management. APEX INTERNATIONAL www.apexinternational.com AMTECH SOFTWARE www.amtechsoftware.com World’s largest Anilox and Glue & Metering roll manufac- turer, providing the widest selection of corrugated engrav- ings and complementary services. Anilox engraving options available from our North American manufacturing facility include elongated 75°, 60°, 45°, plus Apex’s patented GTT technology. Glue rolls are produced with Hardened Stain- less Steel and a max TIR of 10 µ for Single, Double Facers.

Babb. “To avoid that, take the initiative long before the actual transition takes place by helping your bankers de- velop working relationships with whoever will be taking over the reins of the business.” If designing a trust takes resources away from man- agement duties, the result is worth it. “Protecting family business assets requires a commitment of time, effort and money,” says Babb. “It’s easy to procrastinate and allow the decision-making process to get bogged down. But no one has the promise of tomorrow. The risk of delay is that your business assets go to creditors and the IRS rather than to the people you want to receive them.” Consider A Philanthropic Trust Some family businesses accumulate more wealth than can be productively utilized by the next generation. Some of those assets might be put into a charitable trust. “History shows us that successful families pass down not only wealth, but also values,” says Arlene Cogen, a certified financial planner and philanthropic leadership

ALBANY INTERNATIONAL www.albint.com

Albany International has a corrugator belt for every appli- cation. Our reputation for durable performance is the trade- mark of the most dependable belts in service today.

CONTINUED ON PAGE 36

34

www.boardconvertingnews.com

November 21, 2022

Made with FlippingBook Digital Publishing Software