Family Business Succession Planning
Business succession planning should be a priority for every family business. Sooner or later, most everyone wants to retire. But if you own a family business, retirement isn't just a matter of deciding not to go to the office any more. Besides ensuring that you have enough money to retire, the question of what happens to the business becomes paramount. Who is going to manage it in your absence? How will ownership be transferred? Will your business even carry on, or will you sell it?
Business succession planning seeks to manage these issues, setting up a smooth transition between you and the future owners of your business. With family businesses, succession planning can be especially complicated because of the relationships and emotions involved—and because most people are not comfortable discussing topics such as aging, death and their financial affairs. Our tax lawyers are adept at dealing with these issues and can help you put in place the optimal succession plan for your family business.
- Family business issues, including a shareholders agreement which may address generational issues and act as a family constitution
- Overall estate planning, including estate freezes
- Owner/manager tax planning
- Succession planning