Business Succession Planning
Business Succession Planning involves the integration of many disciplines, including estate and retirement planning for the business owner; corporate law to structure, restructure and reorganize the business; and estate, gift and income-tax planning to ensure that business objectives are met at the lowest tax cost.
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.
Our attorneys have the expertise and experience to skillfully guide our clients and the successor owner through the business succession planning process in coordination with other advisors, such as accountants, financial consultants and appraisers.
- Estate planning issues to ensure a comfortable retirement and financial security, and to minimize taxes and potential conflict among family members and successors to the business
- Objectives of the successor owners, such as ensuring the successor owner will ultimately benefit from his or her commitment to the business
- Objectives of the business, 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