Business Succession

Succession planning is one of the most commonly deferred legal tasks for business owners, and one of the most important. Most owners know they should be planning and working towards a framework and a plan; few have one that actually works. We help you think through the options, anticipate issues and obstacles, evaluate strategies, look for the right questions and issues, and coordinate with other professionals, including your estate planning attorney, accountant, and financial advisor so the planning translates into action.

Ownership transition planning

A succession plan starts with a clear picture of what you want to happen and what's realistic. We help you work through the options and identify legal structures that could fit your goals, whether that's a sale, a transfer, or something in between.

• Succession goals and options analysis
• Ownership transition timeline planning
• Business valuation coordination
• Tax and structure analysis with your accountant
• Family dynamics and governance planning

Buy-sell agreements

A buy-sell agreement is the standalone document or set of provisions within another document that determines what happens to ownership when an owner dies, becomes disabled, divorces, or wants to exit. Most businesses either don't have one or have one that's outdated. This is one of the most important documents a multi-owner business can have.

• Buy-sell agreement drafting for partnerships and LLCs
• Triggering event definitions and valuation methods
• Funding mechanisms (life insurance, installment payments)
• Review and update of existing agreements
• Coordination with insurance advisors

Family succession

Transferring a business to the next generation involves legal, tax, and family considerations that are all intertwined. We handle the legal structure and coordinate with your estate planning attorney and accountant to make sure the transition is structured correctly and completely.

• Gifting and ownership transfer structures
• Family limited partnership and LLC arrangements
• Next-generation governance and management transition
• Estate plan coordination
• Equalization strategies for non-participating family members

Key employee transitions

Selling or transferring ownership to key employees is often the most practical succession option, and one of the most complex to structure correctly. We handle the legal work and coordinate the financing and tax planning involved.

• Management buyout structuring
• Equity incentive and transition plans
• Seller financing and earnout arrangements
• Non-compete and transition agreements for successor management
• SBA financing coordination

Sale or wind-down planning

If an outright sale or wind-down is the right path, we help you prepare, getting the legal house in order before going to market, and coordinating the M&A process once you're there.

• Pre-sale legal preparation and cleanup
• Business broker and investment banker coordination
• Sale process and M&A coordination
• Orderly wind-down and dissolution planning
• Asset distribution and final tax planning coordination