Business Succession Planning

“And the LORD said to Moses, Take you Joshua the son of Nun, a man in whom is the spirit, and lay your hand on him;…” Numbers 27:18-20

The prime objectives of business succession planning are the following:

  • Facilitate the continuity of business operations,
  • Provide continuity in the management of the business (passing the business to interested, competent people)
  • Decrease the risk of family disputes,
  • Protect the assets of the business,
  • Keep control of the direction of the business,
  • Provide a source of income and cash flow to the retiring senior family members;
  • Reduce taxes by minimizing and planning for transfer taxes (income, estate, gift, generation skipping taxes and property taxes);
  • Provide post transfer resources or asset in place of the value of the business;
  • Provide for cash flow liquidity to the new business owner or managers for working capital purposes; and
  • Fairly and adequately provide for the needs of the family members, beneficiaries, and any other interested parties (such as key employees) and family members not involved in the family business.

As a result, we provide services designed to accomplish business succession as follows:

  • Formation of Closely held Corporations, LLCs and Partnerships
  • Design, plan, formation and implementation and continued advising of Trusts
  • Family Limited Partnerships and LLCs
  • Liquidation of Entities
  • Valuation Freeze Techniques
  • Preparation of Sales and Gifting Documents such as promissory notes, private annuities, and trust deeds
  • Family Entity Buy Sell Agreements to retain company ownership in the family
  • Life Insurance Planning and Trusts
  • Intentionally Defective Grantor Trusts