Future Financial Planning & Accounting for Family Businesses in Minneapolis, MN
Running a family business comes with unique opportunities—and unique challenges. At Haworth & Company, our accounting, payroll, and bookkeeping services help family businesses thrive today while preparing for tomorrow.
Business Consulting & Tax Planning for Family Businesses
Family businesses require more than simple bookkeeping. From managing day-to-day operations to planning for future generations, our services are designed to address the full scope of your financial and business needs.
When Miller’s Way, a family-owned business, came to us, they needed support not just with accounting but with succession planning, financial stability, and smart business decisions. Together, we created a plan that allowed them to prepare for retirement, transition ownership, and weather unexpected hurdles along the way.
Collaborative Succession Planning
Succession planning is often overlooked, but it’s critical for long-term family business success.
When we met with Miller’s Way, they knew their short-term goals but had not yet discussed the future. Their son had been working in the business for five years, but no plan for ownership transfer had been made.
Through structured conversations, we helped them clarify their goals for retirement and their hopes for their son’s involvement. We analyzed retirement savings, Social Security benefits, and ownership transfer options. Together, we built a strategy that allowed their son to purchase a 10% stake immediately, with an additional 2% purchase annually over the next decade—and eventually buy out the remaining ownership when his parents were ready to retire.
This gradual transition plan gave the next generation ownership experience while maintaining financial stability for the parents.
Improved Financial Visibility
Even strong family businesses face tough times. When Miller’s Way lost a major client that made up 15% of annual revenue, our proactive financial monitoring caught the issue early.
By reviewing their financial statements and cash flow, we advised cost-cutting strategies—including temporary reductions in officer salaries—without laying off employees. Within a year, revenue had rebounded, and the business was ready to take on new opportunities.
This level of real-time visibility and guidance allowed the owners to protect jobs, stabilize operations, and preserve growth potential.
Smart Vehicle Purchase
Business expenses like vehicles can significantly impact a company’s financial health. When Miller’s Way needed a new company truck, we guided them through the financial and tax implications before they signed at the dealership.
We reviewed:
Mileage tracking requirements
Personal use adjustments on W-2s
Special depreciation rules based on weight/class
Cash flow balance between depreciation and financing
With our guidance, they purchased a vehicle that qualified for special depreciation, set up mileage tracking, and established a company policy for limited personal use.
The result: a smart financial decision that reduced tax liability and supported long-term business stability.
Comprehensive Services for Family Businesses
We provide a full suite of services designed for family-owned businesses:
Business Consulting
We provide initial strategy and monthly reviews to help you plan for the future.
Accounting Essentials
Our services include monthly bank reconciliation and the preparation of monthly financial statements.
Income Tax
We handle your annual tax preparation and provide audit protection for added peace of mind.
Payroll Services
We handle your complete payroll processing and compliance and reporting.
Why Family Businesses Choose Haworth & Company
Hear From Our Valued Clients
Frequently Asked Questions
Have questions about how we can help your specific business? Find answers below or contact us for more details.
Why is succession planning so important for family businesses?
Without a clear succession plan, family businesses risk conflict, tax burdens, and instability. We help families structure ownership transfers to protect both the business and personal financial goals.