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 can help guide you toward 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.