The backbone of the American economy is the family-owned business. Among the many challenges family business owners face is how best to transition ownership of the business to the next generation of the family and beyond. Our Trusts & Estates Group has considerable experience in successfully moving family businesses to multiple generations.
A sampling of the family business succession planning tasks we routinely handle is listed below:
- Identifying and analyzing all of the significant family, financial, tax, and legal aspects involved in the consideration of how to structure the transition of the family's business to multiple generations
- Meeting with family members, both individually and collectively, to work through the myriad issues that must be addressed to achieve a successful transition, both in the near term and in the long term
- Helping the family on an ongoing basis to modify the succession plan, as needed, to deal with ever-changing family and business circumstances and tax and other laws