Business Formation and Succession Planning


business formation paperworkYour business is your life’s work. While most businesses don’t survive long after a change in leadership, we can assist you in establishing a plan to ensure your business’ continuation and help to maximize the return for the founders of the business.

Business succession planning is an investment in the future of your business for the owners, employees and clients. Planning is the key to future success for everyone whose efforts have helped the business to grow. The existence of a succession plan emphasizes your commitment to your business’s long-term growth and creates confidence with customers, lenders, employees and key suppliers.

The Process

Developing a succession plan is a multi-phase process that begins with the reorganization of equity, updating wills and trusts and reviewing existing insurance policies. Next, Buy Sell Agreements are drafted, compensation procedures are reviewed and an advisory board may be established which will strategize, design and implement employee incentive plans. The process involves the counsel of independent professionals who contributes objectivity, specialized skills and experience. We maintain close working relationships with some of the most skilled financial planners, accountants, and bankers dedicated to assisting our clients in reaching their retirement goals.

Once a succession plan has been established, it is critically important that the completed plan be continually reviewed and updated as circumstances change. Business succession plans outline in detail the who, what, when, why, and how changes in ownership and management are to be executed.

Business Preservation and Protection

Because each business owner’s concerns are unique, we create plans that give our clients comfort knowing their business is prepared to adapt to change. Working closely with our clients, we identify goals and objectives, potential pitfalls and develop innovative solutions.

An attorney with sufficient expertise and experience is essential. We have taken the advantage of a multi-disciplinary approach to client service that is cost-effective and expedites the coordination of the expertise required for the business succession plan.

Plan for Success

Wealth preservation and protection require an appreciation of the current and future needs of our clients and of those individuals who depend on them. Multi-generational business planning requires cutting-edge legal and tax planning techniques and an appreciation of the human dynamics involved in intra-family matters. For years, our clients have relied on us to help them make prudent business, financial, and personal decisions. Business succession planning can be complex. However, if done properly, it can minimize tax liabilities passed down to heirs, preserve the strength of a company, provide security for heirs, and leave a legacy for the company founder.