BUSINESS SUCCESSION PLANNING
Telephone No.212.457.9797
Very few “family businesses” are actually family businesses. Statistically, less than a third of hair salons, restaurants, and other nonpublic corporations make it from the owners to their children. Less than half that number make it to the original owners’ grandchildren. Adding “and Son” to the business name changes nothing. Legally, upon the owner’s death, other existing shareholders assume the deceased owner’s share, or the share passes according to estate planning laws.
This instability is often devastating. If employees learn of the ownership dispute, which they almost always do, morale might sink and many might leave. Additionally, a person utterly incapable of running the business might assume control of it.
The New York estate planning lawyers at the Dilendorf Law Firm work with you to craft a solid plan which avoids these problems. Our team has years of experience in this area. So, we understand the need for continuity, the need for competent leadership, and the need for your wishes to be respected. Therefore, we use proven methods to ensure that you make the necessary decisions, even if you are physically unable to do so in person.
Telephone No.212.457.9797
Buy-Sell Agreements
These plans are good for family-owned businesses where sons, daughters, and other younger family members are already involved in the enterprise. These plans also assume that, in the owner’s opinion, these family members are ready, willing, and able to assume more responsibility.
Existing shareholders or employees have a chance to increase their ownership percentage, typically through buying, selling, or otherwise exchanging shares.
Buy-sell agreements usually involve an intricate valuation process. Someone with authority must determine the fair market price for a share. Generally, at the Dilendorf Law Firm, we partner with accountants and other professionals during these evaluations.
Take control of the future direction of your business with a business succession plan. For a confidential consultation with an experienced estate planning lawyer in New York, contact Dilendorf Law Firm, PLLC.
Resources:
- Selling a Smal Business and Succession Planning for a Small Business – SBA
- How to Implement Succession Planning – SSA
- Sale of a Business – IRS
- Close or Sell Your Business – SBA
- CEO Succession Plans in a Crisis Era – Harvard Law School
- Keep Your Family a Family During Business Succession
- Succession Planning in a Time of Crisis – Harvard Law School
Telephone No.212.457.9797
For more information about our Business Succession Planning services,
For more information about our Business Succession Planning services,
please contact Dilendorf Law Firm by sending an email or calling us at 212.457.9797