Business Succession Planning
As a business owner, you are no stranger to long hours, hard work, and planning your company’s next moves. Having a solid business succession plan is an investment in the value and future of your company and ensures the continued long-term growth of your business while protecting your interests and objectives. At Berlin Patten Ebling our focus is helping you achieve your unique retirement goals and to design and implement a succession plan to preserve, protect and transfer assets, helping to maximize a return for the founders of the business and ensure your business’ legacy.
Business succession is a complex process that demands an attentive, customized approach as every business is unique. Our business succession planning attorneys give personalized care and attention as there is no “one-size fits all” approach to transitioning a business. We will also work with your professional advising team (CPA, financial advisor, etc.) to make sure that your goals are identified and part of your succession planning.
In order to formulate an effective business succession strategy, our attorneys consider strategies to address the following:
- Provide fringe benefits for self and family
- Avoid or minimize capital gain tax on the sale of entity assets
- Utilize most effective entity structures for operations
- Protect your business from employee malfeasance
- Ensure proper employment and management structure
- Ensure smooth transition of ownership
- Obtain optimal value for ownership interest
- Planning for contingencies to ensure the continuation of business operations