Business Succession Planning involves the integration of many disciplines, including from a legal standpoint, estate and retirement planning for the business owner, corporate law to structure and reorganize the business, as well as estate, gift and income tax planning to ensure the business objectives are met at the least tax cost.
Lacy Katzen LLP has attorneys who have the expertise and experience to skillfully guide the business owner and the successor owner through the business succession planning process in coordination with the business owner's other advisors, such as accountants, financial consultants and appraisers. We address estate planning for the business owner and his or her spouse to ensure a comfortable retirement and financial security and to minimize taxes and potential conflict among family members and successors to the business. We also address objectives of the successor owners, such as ensuring the successor owner will ultimately benefit from his or her commitment to the business. The business entity itself also has objectives, such as providing for the continuity of the business, allowing for smooth transition of ownership and control and avoiding disputes among the owners, which can drain energy and resources of the business.
The key to an effective business succession plan involves engaging attorneys who have the technical understanding of the legal and tax techniques and strategies available, as well as the practical experience to apply the techniques and strategies in a manner that best accomplishes the objectives of the client.