Without proper planning, sudden death or incapacity can lead to chaos in your business.
A business succession plan will establish a framework for how to transfer the ownership and management of your business when you retire, die or become incapacitated.
Business succession planning involves consideration of how to realize value in your business and how to protect it to ensure financial security for you and your family. A good plan will also result in a structure that will minimize and fund income tax consequences.
Where the objective is for family members to take over the business, it will be necessary to coordinate your business succession plan with your estate plan. A proper plan will provide for a smooth transition and fair treatment of your family.
Our estates and corporate lawyers can assist you with your business succession plan and will work with your other advisors to accomplish your goals and objectives.