Succession Planning for Business Owners
Kotz Sangster Wysocki P.C. lawyers assist our business clients with arrangements which allow for the orderly transition of ownership of their business from generation to generation. Creating a successful business succession plan requires sophisticated legal strategies to achieve the proper results to meet our clients’ goals. Whether it’s a family owned business or unrelated owners, developing an exit strategy for an owner requires an understanding of estate, tax and corporate laws and many other areas. We are sensitive to the dynamics of succession planning. Whether its long term planning or the immediate transfer of ownership, we help our clients develop a successful game plan.
Valuation of the business, building value and creating contingency plans are also extremely important aspects. We work closely with our clients’ accountants and financial professionals to develop a strategy along with the proper documentation, including grantor retainer annuity trusts, buy sell agreements and key employee retention programs.
The estate planning aspects of business succession planning for family owned businesses also can not be overlooked. Family dynamics often creates and shapes the owners ultimate decision. We have successfully crafted numerous succession plans allowing for the transfer of business operations to the next generation while maintaining family harmony.
