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Business Succession Planning

Our Expertise
Business Succession Planning

Strategize For A Smooth Transition Of Your Business To The Next Generation

We understand that a closely-held business is not just an asset but a legacy to be safeguarded. We offer a comprehensive array of services aimed at assisting business owners in the seamless transition of their enterprises to the next generation. In most cases, the business succession strategy will be integrated with the overall estate plan to properly take into account and address the “family” part of the family-owned business. This encompasses tailoring the specifics of the ownership and management transition to the family’s unique objectives, mitigating potential tax liabilities, and preparing all necessary legal documentation. In this area, we work closely with accountants, valuation experts, and other professionals to ensure the implementation of tax-efficient strategies.

Frequently Asked Questions About Business Succession Planning

Why is business succession planning important?

The importance of business succession planning goes far beyond the immediate tax savings; it is often crucial to navigate the perils and challenges of keeping the business within the family and ensure the continued success and sustainability of the business for future generations.

When should I start business succession planning?

As is the case with estate planning, early planning allows for a wider range of options and thus can be more effective in achieving the desired goals. It is best to start business succession planning well in advance, ideally years before you intend to retire or exit the business, so that you can consider the option that is right for you and your family and manage the expectations of the people involved.

What are the tax considerations in business succession planning?

Tax planning in this area touches on income, estate, gift, and generation-skipping transfer taxes. We use advanced techniques involving various types of trusts and business structures to maximize the overall tax efficiency, without compromising the non-tax objectives of different family members.

What role does estate planning play in business succession?

For closely-held business owners, it is important to think of business succession planning as part of an integrated, overall estate plan. What seems to be the best option for the business may not be the best option for the family, and vice versa; a well-advised business succession takes into account and balances all these competing concerns.

Practice Areas

Let's Collaborate

Please feel free to contact us. We strive to respond to web-based requests within 1-2 business days.

Signs That You May Need Us

If you’re unsure whether you need a business succession planning attorney, consider these signs:

  • Own a sole proprietorship
  • Plan to pass your business or business interests to your children or another individual
  • Do not have anyone positioned to replace you in case of your death or incapacity
  • Do not have an estate plan that accounts for your business
  • Do not have a buy-sell agreement or other arrangement which controls what happens if you or a business partner dies or becomes incapacitated
  • Have questions regarding what happens if you’re no longer able to run your business

How to Get Started

1 Contact Us

Our dedicated staff will listen to your needs and help direct you to the attorney that can best assist you.

2Schedule Initial
An initial consultation with an attorney will allow you to share relevant documents, family or business information, and personal concerns.

3Partner with Your Attorney

After your consultation, you will know both your next steps and the steps your attorney will take on your behalf to help resolve your current concerns or complete your estate or business planning.