Family-owned businesses come with expectations for succession and emotional entanglements that can be damaging to the future of the business. Often, family members will disagree about the future direction of the business. Those most interested in retaining control may have the least amount of business savvy or may lack the work ethic to drive the business forward. For these and many other reasons, it’s important for the business owner to:
The succession plan can be part of the owner’s will or living trust, and should employ sound estate planning strategies to minimize tax liability.
Business owners should plan for succession well in advance of anticipated retirement. This allows the new leadership to learn the business and make a smooth transition that retains customer loyalty. Unfortunately, too many owners of family business put off the inevitable, creating stress and discord as the family struggles to adjust. Our lawyers are fully equipped to turn these complex issues into simple solutions to ensure that your business is on firm footing as you plan for retirement.
Therrel Baisden, LLP has served families and their closely held businesses since 1925. If you want greater legal protection to safeguard your future, call us to schedule an appointment. We are conveniently located at the SunTrust International Center in downtown Miami.