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