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Business Succession Planning
 
For those who own a business, retirement is more complicated than for someone who decides to stop going to work. Upon retirement, what will happen to the business? Who will manage it? How will its assets be preserved or sold?

Business Succession Planning - Family Estate Planning Law GroupOf paramount importance is a smooth transition from present ownership to the new owners, particularly when ownership is, or is not, transferred to family members. Due to the fact that business succession often results in hurt feelings among family members, delicate procedures may be required to mitigate familial disputes.

It may be wise to transfer management of the company to different persons than ownership. For example, you may desire to transfer ownership of the company to your children, while transferring management to a group of employees.

Further, an important component of business succession is minimization of taxes upon death. There are several methods available, and our firm can help.