Business Succession Planning
As a business owner, you have undoubtedly devoted a lifetime of time and energy to building a successful company. But did you also spend time and energy developing a strategy to keep the business operating in the event of your disability, retirement, or death? This is a common scenario: Business owners are so busy managing the company’s day-to-day operations that they put off planning for the future until it’s too late.
Your exit from the business will impact your employees, your family, your assets, and your tax obligations. Establishing a method of transferring control of your business is a crucial part of your business and estate plans.
Our attorneys offer business succession planning services to owners of privately owned businesses, counseling them on how to prepare for a smooth transition of ownership, with the goals of maintaining relationships and minimizing income and estate taxes.
Typical issues in business succession planning include:
- Valuing the business
- Identifying potential future owners and managers
- Maintaining the loyalty of key employees through incentives
- Fair treatment of family members, both active and inactive in the business
We assist clients in drafting buy-sell agreements, non-compete agreements, life insurance arrangements, and deferred compensation arrangements. We also counsel them on the use of stock options, wealth transfer through trusts, and other estate planning tools.
With a complete 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 the exit from their business and the management and transfer of their estate.
Pittsburgh Business Succession Planning Attorneys
Contact a member of our Business Succession Planning Group to discuss how we can help you create a rewarding legacy by ensuring your company’s growth and success continue into the next generation.