Business Succession Planning
Most businesses fail to transition to the second and third generations. We advise businesses on ways to beat the odds.
Will your business survive to the next generation?
Closely held businesses face a number of succession planning issues. Who will transition into ownership of the business? Will it be a family member, employee, third party, or even a competitor? What will happen when the business owner retires? Will he have the income he or she desires later in life? In a family business succession, will the business owner be satisfied that non-participating family members have been treated fairly?
Our office advises closely held businesses on a number of succession planning strategies in order to address these and other issues.
Some specific issues we have advised clients on in the past include:
- Preparing buy-sell agreements
- Developing a Business Succession Plan
- Choosing the appropriate business entities for closely held or family businesses
- Advising on gifting strategies
- Using insurance or other devices to handle the estate tax bill or prepare for a purchase of the business
- Identifying and training protégés for management
- Family business entities