TRANSITION PLANNING

Many business owners prefer the thought of their business continuing after they have retired.  Choosing a successor can be as easy as appointing a family member or senior partner to the take owner's place.  However, many factors and precautions must be considered in crafting an effective business succession plan.  Transferring a business to a co-owner, heir, key employee, outside party, or another company may differ in their financial returns as much as their alignment with an owner's values.

Proper business succession planning requires careful planning years in advance of an owner's anticipated retirement.  Without a succession plan in place, a key person's sudden death, illness, or retirement often means the extinction of a business.

In keeping with the firm's practice of acquiring a deep understanding of our clients' businesses, their strategy, and a nonstop curiosity about how to add value, the firm is often well-positioned to craft a tailor-made business succession plan.

SERVICES

  • Review and drafting of owners' wills and trusts
  • Buy-sell agreements
  • Formation of family trusts, limited liability companies designed to restrict the transfer of ownership interests
  • Negotiate and prepare purchase agreements for the transfer of ownership interests to successors upon the death or retirement of shareholders
  • Structure intra-family loans, seller-provided financing, self-cancelling installment notes with planning to minimize income, estate, and gift tax implications
  • Transfer of interests to co-owners; key employees; heirs; back to the company; or outside parties