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Business Succession Planning

Closely held businesses face a number of succession planning issues. Who will transition into ownership of the business? Will it be a family member, employee, third party, or even a competitor? What will happen when the business owner retires? Will he have the income he or she desires later in life? In a family business succession, will the business owner be satisfied that non-participating family members have been treated fairly?

Our office advises closely-held businesses on a number of succession planning strategies in order to address these and other issues. Some specific issues we have advised clients on in the past include:

  • Preparing buy-sell agreements

  • Developing a Business Succession Plan

  • Choosing the appropriate business entities for closely held or family businesses

  • Advising on gifting strategies

  • Using insurance or other devices to handle the estate tax bill or prepare for a purchase of the business

  • Identifying and training protégés for management

  • Family business entities