Strategies for Passing Business Interests to Subsequent Generations
When you’ve worked hard to build a successful business, one of your biggest concerns can be finding a way to pass your company to your children and subsequent generations with minimal tax consequences or interruption in operations, so that you continue to maximize your return after you’ve turned over the reins. A company’s success depends upon smooth transitions during times of change.
If you own a business and have yet to plan your company’s future, now is the time to start. Succession planning is an investment in the future of your business; the existence of a succession plan emphasizes your commitment to your business’s long-term growth, creating confidence with customers, lenders, employees, and key suppliers. It’s often a complex process, and there are a number of different ways to accomplish your objectives. You want to work closely with an experienced and knowledgeable attorney, so that you implement a succession plan that meets your needs.
Our planning services will integrate all your business interests, family estate planning goals, strategic tax needs and retirement plan objectives. Our focus is in designing and implementing a succession plan to preserve, protect and transfer assets before any unexpected crisis occurs demanding an immediate response to complex legal, tax, business, and health care decisions.
When you work with us, we will start by learning as much as we can about your business operations, as well as your goals. We will explain the different strategies available to you, and will ensure your business succession planning is in line with your estate, retirement, and other financial planning strategies. We will draft and execute all necessary documents, including management succession plans, buy-sell agreements, and partnership agreements, if appropriate.