Business/Corporate Law
Failing to develop a business succession plan may have
disastrous results. It may impact the ability of the business to
continue operating or the owner's retirement income. While
essential, it is often overlooked. As every business is structured
differently, a unique approach needs to be taken
If a family business, we consider should your family continue to
operate your business or would key employees managing be a better
choice. Perhaps it is simply better to sell it to a third party. Is
a buy/sell agreement the best way to transfer ownership and what
are the tax ramifications? Do the owners want to be involved with
the daily business operations and just want to assume a continuing
lessened role or do they want to fully divest themselves of the
business? Perhaps a qualified retirement plan is a vehicle should
be used. As you can see, there are many options and we'll work to
create a plan that fits your business.
A business succession plan needs to dovetail with the business
owner's estate plan. We'll help craft both to minimize estate tax
exposure and smoothly transition your business.