Family and closely held businesses operate in a unique space. On top of the challenges that come with running a successful business, you must maintain healthy family dynamics – which can be a challenge in and of itself. That is why our attorneys focus on becoming trusted advisers to our family and closely held business clients. We take a hands-on approach, getting to know your business and your family. Building strong relationships allows us to assist with everything from day-to-day legal needs to long-term growth strategy. We help you find the balance between corporate objectives and family goals, and we have the experience and expertise to help you achieve both.
When it comes time to exit your business, we can help with that too. Succession planning is perhaps the most difficult and most important tasks you face when owning a business. Our attorneys can assist you with the process to ensure the efficacy and sustainability of your company. We have the knowledge, tools, skills and insight to find and implement the succession planning strategy that fits your needs and addresses the many complex issues that go into such a transition. This includes working through internal family conflict and making sure you have peace of mind when you step away from your business. We’ll work to ensure your vision and goals for your company are met – and help make sure you are financially able to pursue new ventures.
Some of the issues to consider include:
- An heir apparent
- The role of family members in the business and your family's financial dependence on the business
- The long-range plans and goals for your company
- Timing for transferring ownership and control
- The future involvement of senior managers and long-time members of your company
- Cash flow needs
- Transferring ownership
- Bequeathing it to a member of the family
- Employee Stock Ownership Plans (ESOPs
- Installment sales
- Management buyouts
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