Zagrans Law Firm is committed to helping business owners develop business succession plans. Succession planning is essential for family owned and closely held businesses. Done properly, succession planning allows business owners to smoothly transfer ownership and management of a company to their heirs or other successors.
Most business succession planning is associated to businesses where family ownership is at the heart of the business. Generally, the business is family owned or the stock is closely held. Our firm has handled many business succession plans, including those involving multi-generational transfers and multi-family transfers. Some of the issues typically involved in business succession planning include:
- Capital Restructuring
- Shareholder Agreement issues and covenants
- Buy/Sell Agreements
- Stock Restrictions
- Creating Family Limited Partnerships
Typically, business succession planning is about looking to the future — the future of the company and the future of your heirs. Our attorneys are experienced at developing succession plans that involve children taking over the management of companies, as well as succession plans that financially care for heirs but place the management of the company elsewhere.
Business succession planning can be complex, however, if done properly, 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.
Please contact Zagrans Law Firm to learn more about how our business succession attorneys can represent the future interests of your business.