Business Succession Planning

Is Your Business Protected?

Those who have spent their entire lives building companies and making shrewd business decisions are often faced with a question they may not have considered - what will happen when I have to leave the company? Eventually, all business owners will have to pass the torch, whether due to retirement, disability, death or some other cause.

When this happens, is there a plan in place that will allow your company to carry on your legacy and protect its assets from being diminished by estate taxes? Without adequate planning, the financial ramifications of a transfer in ownership can severely impede a company's ability to conduct business or even cause it to close its doors for good.

At Hertz Scram PC, our estate planning and business law groups work together to craft comprehensive business succession plans that ensure smooth transfers of ownership and give businesses the strongest chance to thrive after an owner has stepped down.

Business Succession Planning: Important for Businesses and Families

Putting a careful plan in place is often important not only to the business itself, but also to the family members who rely on the business for their income. Many closely held and family-owned businesses provide multiple generations of a family with their livelihoods, so creating an efficient succession plan that minimizes the impact of taxation is key to the financial health of the business and the family.

Our Business Succession and Planning Services

If you are a business owner who needs to put a succession plan in place or if you already have a succession plan, but want to have it reviewed and updated, our attorneys can help. Our services encompass all aspects of succession planning, including:

  • Asset protection
  • Shareholder agreements
  • Family limited partnership (FLP) issues
  • Limited liability company (LLC) matters
  • Business entity structuring
  • Capital restructuring
  • Tax issues (for businesses and business owners)

Our experience in this complex area of law allows us to ably serve established businesses that are contemplating succession in the near future as well as newly formed businesses that want to have a thorough succession plan in place from the start.