You have invested a lifetime of time and energy into building a successful company. You may not however, have invested time into planning and developing a strategy to keep the business operating in the event of your disability, retirement or death. This scenario is quite common. More often than not, business owners are so busy managing the day-to-day operations of the company that devising an exit strategy becomes an item on a list of things to do “someday”.
Your exit from the business will have an impact on your employees, as well as your family, your assets and your tax obligations. Establishing a method of transferring control of your business is a crucial part of your business plan and estate plan.
The attorneys at The Lynch Law Group regularly counsel owners of privately owned businesses in all facets of business succession planning. We help business owners prepare for a smooth transition of ownership, with the goals of maintaining relationships with family and essential non-family employees and minimizing income and estate taxes.
Typical issues in business succession planning include:
- Valuing the business
- Identifying potential future owners and managers
- Maintaining loyalty of key employees through incentives
- Fair treatment of family members active in the business versus those who are not
We’re in the business of counseling and assisting clients on matters involving the use of buy-sell agreements, non-compete agreements, life insurance arrangements, stock options, deferred compensation arrangements, wealth transfer through trusts and other estate and tax planning documents.
With full understanding that business succession planning is closely related to personal estate planning, the depth of our experience in both areas provides our clients the opportunity to comprehensively prepare for both the exit from their business and the management and transfer of their personal estate.
Contact a member of our Business Succession Planning Group to discuss your situation. The success and growth of your company in the next generation is a rewarding legacy.