Every owner of a closely-held company understands that just as every family is unique, every family business is unique. When developing a succession plan to transition a family company to the next generation, business owners need to work with a team of trusted advisors who grasp the complexities of business and tax laws and who will also take the time to develop the relationship necessary to understand each family’s unique dynamics.
While business succession planning is not one-size-fits-all, a successful plan will often involve a multi-step process to facilitate transfer of both equity and control of the company to the chosen successor. An effective succession plan should achieve the following goals:
- Preserve the company as an ongoing business;
- Minimize tax liabilities associated with passing the assets of the company to the successor;
- Provide security for the both the current owners and the next generation.
The attorneys at Marshall, Parker & Weber have the expertise needed to guide the owner of a family company through the process of transitioning the business to the persons best suited to succeed as owners and managers. Our goal is to develop a long-term relationship with our clients that can bridge generations as we help our clients to reach their objectives.