Family Business Planning
Without proper planning, business owners risk serious personal and business discord, costly legal disputes, excessive taxes, and, perhaps, the total loss of their business.
Business succession planning is comparable to estate planning for your company. For many of the same reasons you need a will or trust, your business needs a succession plan. A business succession plan contributes to the continued prosperity of your company.
Transferring Your Business to Younger Generations
If you have spent years building your business and are thinking about gradually passing it to a younger generation of your family while still retaining control, there are many options. From installment sales and recapitalizations, to Family Limited Partnerships, GRATs and gifting programs, we can customize an effective and efficient transfer plan that will meet your objectives.
Our expert planning will address all of the relevant legal, tax, and business issues, including:
- Determining the appropriate time frame for the transition, be it months or years
- Ensuring a smooth transition of responsibilities and assets
- Careful analysis of the maintenance or relinquishment of business control by current owners
- Minimization of transfer taxes
- Coordination with your personal estate and financial plans
- The role of non-family executives
- The potential effects of an unforeseen death, divorce, or disability during the transition
We'll help you navigate the mixed emotions and competing concerns that arise when planning for your business. Contact us now to schedule a free consultation to discuss your situation.
The Buy-Sell Agreement
- Who will fill your shoes when you are no longer involved in the business' affairs?
- Would your company be able to conduct "business as usual" if a partner or major shareholder could no longer participate due to death or disability?
- Are you prepared to share control of your business with a deceased partner's spouse or children?
A properly drafted Buy Sell Agreement protects the business and the co-owners in the event of the death, divorce, disability, bankruptcy or retirement of one of the principals. Without proper planning, owners may be forced to either sell the business or borrow a substantial sum to keep the company going. We can work with you to put together an effective, comprehensive Buy Sell Agreement that will protect your business and the interests of its owners. Contact us now for a free initial consultation.