Family Business Succession And Planning
It is the dream of most family business owners in the Buffalo area to pass along the business to one or more of their children someday. To make this dream a reality, it is vital to take steps now to ensure an efficient and trouble-free ownership succession when the time comes.
The Smart Way To Do Family Business Succession
At The Tarantino Law Firm, LLP, we work hard to provide dependable legal advice and support to all our business clients. Our business law attorneys will make sure your business will remain in operation after you retire.
One of our experienced lawyers will explain succession planning and help you through the entire process. Here are a few of the steps we will take with you:
- Determine whether it is the right time to begin succession planning. In general, you should have a succession plan in place around seven to 10 years before you plan to retire. This gives you time to discuss the matter with your family and determine who to name as your successor, so that nobody in the family will be surprised.
- Review the company’s governance structure and practices.
- Review the shareholder agreement or operating agreement, if your business has either of these documents in place.
- Help you set a date for succession, choose your successor(s) and delineate their responsibilities upon transfer.
- Advise you on minimizing the tax consequences at the time of succession.
By working with us, your management succession plan will be comprehensive and carefully tailored to your goals. Your legacy will be protected for years to come.