Business Succession Planning

According to the Small Business Administration, only 30% of family-owned or closely-held businesses survive into the next generation. Taxes and family discord often present too high a hurdle for businesses in transition, but proper succession planning will help mitigate these obstacles to long-term success.

Business succession planning is an investment in your family’s’ and your employees’ futures. Careful planning with our experienced attorneys will help you retain key staff, and in the long-term, help ensure a smooth transition between you and the future managers and owners of the business you’ve worked so hard to build.

Pabian & Russell’s highly skilled corporate and estate planning attorneys help business owners identify and implement the right succession plan for their situation by addressing some of the key issues facing businesses in transition:

  • Allocating value and/or control
  • Identifying potential buyers and/or beneficiaries
  • Determining business ownership and asset transfer strategies
  • Strategic tax planning
  • Ongoing business management & incentives

Business Succession Strategies used by Pabian & Russell

Even the most committed business owners need to create viable transition and exit strategies. Often times a company’s success and value are derived from key individuals, their special talents, and the contacts they have made over the years. Ideally, successful business owners should allow five to ten years to properly plan for the successful transition of their business to future owners and managers. Pabian & Russell’s experienced attorneys and advisors will help you:

  • Map an exit strategy based on specific events in your or your business’s life
  • Determine and provide for the right ownership after your departure
  • Determine a fair market value for your business and the value of your ownership interest
  • Develop a plan to ensure a proper buy-out of your ownership interest
  • Draft and implement shareholder agreements to ensure ownership stays with select individuals
  • Identify cost-effective life insurance policies to assist with buy-outs
  • Structure the sale or gifting of business interests
  • Minimize taxes from the transfer of business ownership
Disclaimer: Material presented on the Pabian & Russell, LLC website is intended for information purposes only. It is not intended as professional advice and should not be construed as such.