Our Succession Planning Attorneys:
Many U.S. businesses are family-owned or closely held. The owners of these businesses constantly think about what’s next for the business, but they may avoid actively planning for the company’s succession for a variety of reasons. In a family business, the prospect of selling to an outsider can be daunting, especially when a great deal of wealth is tied up in the business. Other factors may also complicate planning. Multiple family member owners may be unable to agree on a plan. A future leader of the business may not be readily apparent. Owners may be concerned about the impact a transition could have on employees, customers, and vendors. The legal concepts involved, including business and corporate law, estate planning, tax, and employment law, are complex. Added to that, the myriad approaches to succession planning means that no two plans are alike. In order to promote continuity and ongoing success, an orderly business succession plan is key.
At Landerholm, P.S., we understand the intricacies involved with business succession planning, and we tailor our process to meet each client’s specific needs and goals. We are committed to understanding each business, identifying objectives and goals, educating clients on available strategies, and developing and implementing succession plans. We utilize a cross-disciplinary approach both internally and externally, and we actively involve business owners, CPAs, insurance professionals, valuation experts, bankers, consultants, and other advisors to ensure comprehensive assistance. We believe great opportunity lies in transferring a business to the next generation of owners in a way that provides financial security, healthy family and employee dynamics, and a successful continuation of the business for years to come.