Estate Planning for Families

Small and Family Business Law

Business Succession Planning

International Estate Planning

Business Succession Planning    According to the Small Business Administration, approximately 90% of businesses in America are family-owned. A mere 30% of these businesses survive to the next generation, while only 15% will be transferred intact to the third generation. What causes this failure among family-owned businesses to be transferred ?    Our California Business Succession attorney advises business owners on numerous issues with a view to successfully transferring family-owned businesses. We assist business owners with: 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; and Identifying and training protégés for management

The Business Succession Plan Our business succession practice includes the development of business succession plans (also referred to as Legacy or Continuity Plan). A business succession plan is designed to smooth a transition in ownership of a business, particularly a closely held or family business. A properly drafted business succession plan can account for transfer in business ownership, corporate governance issues, management issues, and the effects of transfer tax. It can also be integrated as part of a client’s overall estate plan. There are many benefits to a comprehensive business succession plan, including: Reduction of transfer taxes, including gift, estate, and GST tax Accounting for income and property tax considerations Providing for family successors of business, while ensuring that the next generation will adhere to pre-determined standards Integrating FLP/LLC plans as part of a business succession strategy     What's the Next Step?     Our Business Succession Planning Lawyer works with business owners to increase the chances that their business will pass intact to the next generation. Contact us to schedule a no-obligation consultation to discuss your business succession planning.   Read an Article by our California Business Succession Lawyer on keeping a business in the family.