Business Succession: Planning for a Company's Future
A change in ownership can help a business grow and thrive or it can cause the eventual downfall of a company. What will happen to your company when you no longer wish to take an active role in day-to-day operations?
As a law firm focused on business, tax and estate planning issues, The Law Offices of Hugh Janow, LLC, has the experience and legal knowledge required to help business owners and partners through the process of succession planning. Contact our business attorneys to learn how we can help you and your company.
What Is Business Succession Planning?
Succession planning is simply planning for the eventual transfer of ownership of a business in a manner that reduces the possibility for disruption on the business and its owners. The first step in the process is to have an open discussion about your goals and the specific issues involved in your case.
Do you want the other partners to buy out your portion of the firm? Do you want to bring in members of the next generation to take over your family business? What happens if one partner's children want to be involved in the business and the other partner's children do not? What if some siblings want to participate in the company while others do not? What happens to the business if one partner dies and survivors who know nothing of the business inherit an interest in the company?
Once we clarify how you wish to proceed, our lawyers will develop a plan for accomplishing your goals. We pay close attention to both the tax and non-tax issues involved in the transfer of ownership.
Contact The Law Offices of Hugh Janow, LLC, Today
To arrange a consultation about succession planning and asset protection, please contact our office in Pearl River, New York. Call 845-735-8385.
