A family business often constitutes a family’s largest asset.  It can also pose some of the most difficult planning challenges.  The first challenge is to begin the business succession planning process.  Research and studies suggest that most business owners do not have a succession plan and few businesses survive to the second generation and even fewer to the third generation.

The business attorneys at Reese & Van Atta, LLC can help guide you towards an effective business succession plan.  Planning considerations can include ensuring retirement income, planning for a sale or transition to the next generation of leaders (whether family, non-family, or key employees), and minimizing estate taxes.  Your circumstances and the nature of your business will dictate the planning priorities.  

Among other things, we can help to:

• Recommend an appropriate business form, e.g., a limited liability company, limited partnership, or S-Corporation;
• Review and update organizational documents;
• Review and draft business purchase and sale agreements:
• Draft agreements among owners, including “buy-sell” agreements;
• Review and/or draft trust documents and will provisions for business entities;
• Advise on estate tax minimization techniques