A Team Approach to Handling Business Succession Planning
Our attorneys take a team approach to handling business succession planning matters, pairing attorneys who work primarily on business law matters with those who focus on estate planning. We work closely with our clients to craft legal plans that work with their individual goals.
When a business owner wants to keep the business in the family, we can effectively integrate business succession planning into an individual's estate plan. When the goal is to transfer ownership to an outside company, we can prepare the company for the changes and guide the business through the transition. We can then help the owner effectively incorporate the assets into a new or existing estate plan.
We are experienced in using the various estate planning tools toobtain the results that our clients seek.
The Importance of Effective Planning
Effective business succession planning is very important for a business owner. Proper business succession planning can:
- Facilitate the continuity of business operations in the event of death or retirement;
- Reduce the risk of familial disputes related to business ownership and control;
- Protect the assets of the business;
- Provide business owners with control over the direction of the business, even after they are no longer involved in day-to-day operations; and
- Minimize taxes.