Business Succession Planning
We understand the planning needs of our region’s businesses, as well as the unique concerns of family-run businesses. Whether you have a corporation, limited liability company, a sole proprietorship, a limited partnership, a family or closely-held business, the wealth you worked so hard to create in your business may be trapped or lost if you do not have an appropriate exit strategy. We can help you set up a succession plan to help your business continue to grow, keep your business operating in your absence and lay the foundations necessary to ultimately realize the highest value possible of your hard work when the time is right.
It is estimated that 80 to 90 percent of business enterprises in North America are family-owned. Of these, only 30 percent make a successful transition from one generation to the next. This speaks volumes about the challenges that family-owned businesses face. Planning for the succession of the business is a critical issue that can impact you, your partners and other key business players for years into the future. In order to achieve your goals in business succession, we will first consult with you to identify your wishes and then will handle issues including:
- Buy sell agreements
- Cross purchase agreements
- Employee stock ownership plans
- Negotiation, drafting and review of business succession plans
Whether you want to keep the family business within the family, prevent the business from being harmed during the retirement of a principal owner, or dissolve the business, we will work to deliver quality results.
Many of our attorneys have baccalaureate degrees in business areas such as accounting, business administration, finance or marketing. We have represented small and large business enterprises since the creation of the firm and, as a firm, focus on representing the needs of our clients’ business plans. Our clients vary from the start up, single-owner business to the multi-million dollar operation with multiple owners. We have experience in running our own business and dealing personally with the issues that are necessarily related to the transfer of a business or profession from one owner to another or one generation to another.