Our state is rich with families who have started businesses here and watched them thrive through the generations. However, there are also many examples of family businesses that have failed to weather the changes in generational management and ceased to exist. In many cases, this could have been avoided through careful business succession planning.
A good succession plan provides for a smooth transition. While it may take many months — or even years — of negotiation and fine-tuning, a viable succession plan increases the chances that the family business will survive through the years. After all, it’s your legacy – one you worked hard to build and one we’re sure you want to last!
When you meet with us to talk about your business succession plan, we will talk about a number of things, including:
- The firm’s future ownership and leadership and what steps need to be taken to get there;
- How to minimize taxes and make provisions for the retiring generation without adversely affecting the firm’s financial stability;
- What information will be communicated to employees and other family members about the transition; and
- Development of a valuation appraisal and buy-sell agreement in case a family member decides to exit the business.
Consulting Family Business Lawyer™ can help you bypass the pitfalls of passing the family business to future generations and help ensure a smooth transition process. After all, no one wants to all of a sudden own a business with their brother in law or another individual they never intended to work with.
We’ll be happy to show you how you can accomplish a smooth transition for your business to the next generation of leaders when you schedule your comprehensive LIFT™ (legal, insurance, financial and tax) Foundation Audit. If you have any Questions about this process you can contact Jackie at Jackie@trustcounsel.com or I at Marenco@trustcounsel.com.