Business Succession Planning

For closely-held business owners it is often a challenge planning for the impact your death will have on your family and your business partners. You may have many questions like: Are the business risks too great for my family to incur when I am gone, and should the business be sold before or after my death? How do I equally provide for children active in the business compared to those who are not actively involved? Is it most beneficial from a tax perspective to gift business interests to my children or should I wait to pass them at my death? Should I leave instructions to my beneficiaries on how to administer my business holdings? These are some of the challenging questions that closely-held business owners face. A legal adviser plays a major role in answering these questions and helping implement a succession plan that achieves your long-term goals concerning the disposition of your business.