“I want to leave my children enough that they feel they can do anything, but not so much they can do nothing.” ~ Warren Buffet
The purchase, sale or transfer of a business among members of a family – especially from the older to the younger generation – is typically a complicated transaction. This is especially true when the family includes members who participate in the business and those who do not. In addition to legal and tax matters, balancing the objectives of the parent generation, with the drive and preparedness of the younger generation, creates unique complexities that do not exist in third party transactions. We assist our clients in this very important area of family planning. We have accumulated a deep understanding of available planning strategies to provide alternative solutions to meet a client’s specific objectives.
Transactions typically involve an amalgamation of different professionals: lawyers, accountants, business brokers, appraisers, financial advisers and others, each having a different role in the process. Not only is getting the right advice important to complete a transaction expediently and successfully, coordinating the various professionals with whom to interact, is critical. We strive to effectively coordinate and integrate with our client’s other professional advisors towards the successful completion of each transaction.
We are able to address the needs of our clients in this area by providing advice and legal services that include:
- Appropriate terms and structure in the disposition of the family business and business entity interests during life or at death
- Choice of entity in the creation of family businesses
- Gift, Estate and Income Tax aspects of a business transaction
- Transfer by sale or by gift of interests in a family business for succession and wealth transfer purposes
- Preparation of family business agreements to protect the business from non-family members including “predators” and creditors
No matter what stage of the process you may find yourself, we look forward to assisting you.