Business Succession

Just as many individuals avoid and delay issues of personal estate planning, many businesses also avoid and delay issues of succession planning. The future of your business, however, depends on creating an effective succession plan and you cannot afford to procrastinate. At some point, all businesses go through transition whether it’s because of a divorce, disability, death or retirement. Having a well-crafted, detailed succession plan in place prevents confusion and conflict if/when those transitions occur.

More Than a Legal Document

At Kaufman Law Group, LLC, we believe that succession planning is more than just a legal document. We approach succession planning from an “all in” perspective. When we counsel businesses on succession planning we take into consideration the following:

• What is the ultimate objective(s) for the business?
• What is the timeframe on those objectives?
• What will the funding mechanisms be?
• What will the income and estate tax consequences be? (Before death, after death and after disability.)
• What will the valuation and/or appraisal mechanism will be?

Creating a clear succession plan is more than just drafting a document; it is the process of fleshing out all potential options and variables and having a clear understanding of how all possible scenarios will be handled.

Your Business Future

A good succession plan brings peace of mind for business owners, families and key employees. Securing the future of your business ensures that your investment of time, labor and capital is not jeopardized by unforeseen or inevitable events. At Kaufman Law Group, LLC, our practice concentrates in this area of business law as well as asset protection and related transaction and tax planning. Contact us today to find out how our firm can help your business plan for the future.