Business Succession Planning
Overview
Planning for the longevity of your business beyond your ownership and management is oftentimes an overlooked component of regular business operations, whether you are looking to create an enduring family legacy or planning for retirement. You worked hard to form, maintain, and grow your business, and attorneys in PilieroMazza’s Business & Transactions Group can assist you in building your legacy and facilitating the achievement of your goals—whether you are transitioning the business from one familial generation to another or positioning your business for a transition to management or employee ownership—our team has substantial knowledge of key business succession planning considerations.
Your exit strategy will affect your employees, your family, your assets, and your tax obligations. Our team regularly works with business owners and professional service providers—such as accountants, financial advisors, estate planners, insurance providers, and tax attorneys—to create a tailored exit strategy that focuses on your specific goals. Establishing a plan of transferring control of your business is a critical part of your business succession plan.
To help you with the smooth transition of your company’s ownership, PilieroMazza’s business succession planning services includes:
- preparing for the valuation of the business;
- identifying potential future owners and goals for the future of the business;
- maintaining key personnel via incentives;
- asset and intellectual property protection strategies;
- implementing transition and emergency protocols and procedures;
- establishing a management structure built for sustainability and next-generation training;
- working with estate planning and tax experts to address company ownership transitions;
- determining owner liquidity needs and options upon retirement; and
- facilitate any restructuring or reorganization of business ownership or assets.
