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Business and Succession Planning

It’s taken guts, savvy and sheer determination, but you’ve done it: You’ve made your business a success! You’ve weathered the market swings, outshone the competition, and kept your customers more than satisfied. Your achievements have enabled you to take care of and protect your family. So what happens if you get hit by that proverbial bus?

According to a recent national survey, 25% of family business shareholders who are entering their senior years haven’t completed any estate or succession planning other than writing a will. But succession planning for a business owner involves more than just deciding how your assets will be divided after you die.

At its most basic, a succession plan is a documented road map for partners, heirs and successors to follow in the event of your death, disability or retirement. This plan can include a program for distribution of business stock and other assets, debt retirement schedules, life insurance policies, buy-sell agreements between partners and heirs, division of responsibilities among successors, and any other elements that affect your business assets.

So where do you start? In the succession planning process, you must first clearly establish your goals and objectives, as well as your company’s current human and financial resources and we are here to assist you throughout the entire process. Contact us today to get started!


Small Business General Counsel Services

We understand entrepreneurship and many of our clients are business owners. From family-owned “mom and pop” operations to large franchises and companies with multiple locations in several states, we help business owners design, implement and maintain effective growth plans.  We assist them in reducing their personal liability, preserving all viable income tax deductions, facilitating the ownership retirement, maintaining family harmony, retaining key employees, and minimize income, gift and estate taxes.

To help owners protect estates and businesses that have been a lifetime in the making, we focus on an integrated approach to planning. This approach includes legal, insurance, financial and tax planning issues. More important, it includes discussions about family values and belief systems. As a result, we rely heavily on the expertise of our clients’ other professional advisors to help create the most effective team for our clients’ success.