Business Succession Planning

Critical to the continued success of a business are the transition plans of its owners.  Whether those plans include transfers between owners, between the owners' families or to third-parties, important planning must take place to insure the continued viability of the business entity.  Business succession planning is interwoven with a client's estate plan and our firm possesses the necessary business planning and estate planning expertise to present all options of a plan and then to effectively implement the plan.

Business owners may determine to transfer a business to their family during their lifetime.  This type of plan may include a recapitalization of the company into voting and non-voting shares so that the business owner may maintain full control over the business while transferring the asset to family members.  A plan may also entail giving family members more responsibility in managing the business in order to appropriately "season" the family members for ownership responsibilities.

Of course, the planning necessary for business succession may be the preparation of a company for sale to a third-party.  Our firm can lead the team of professionals that can assist with the preparation of a company for such a sale, including valuations and marketing plans.

Finally, the firm ensures that if a business owner passes, that the business succession plans, established through an estate plan, are thorough, well thought out and ensure the family the easiest possible transition while securing the financial security of the remaining family members.