James J. Talerico, Jr., a nationally recognized small business expert and the CEO & Founder of Greater Prairie Business Consulting, Inc., who has consulted with literally thousands of family-owned businesses over the last 30 years can help attorneys' clients with succession planning during these trying times.

"All family-owned businesses should have an emergency succession plan, in the event one or more business owners become ill with Covid-19.  Those businesses that don't have a long-term succession plan also need to create one ASAP, and businesses with succession plans should be revisiting them given the current economic environment," says small business expert James J. Talerico, Jr.

"Three favorable trends are working in favor of succession," Mr. Talerico continued,  "First, businesses are attractive to business owners when interest rates are low, second, more assets can be gifted when business prices are depressed, and third the federal gift tax which at present is triggered above $11,580,000 is scheduled to be cut in half by 2025, and possibly sooner if President Trump isn't reelected in November."     

Attorneys with clients that are family-owned business owners that have questions about how Greater Prairie Business Consulting, Inc.'s can assist business owners with succession are encouraged to contact James J. Talerico, Jr. at 1-800-828-7585 for a free consultation.

To learn more about Greater Prairie Business Consulting, Inc., go to: www.greaterprairiebusinessconsulting.com.