Business succession planning

Our attorneys can help you answer the hard questions

Who will take over your business upon retirement, death or disability?

How will that transfer to your successor happen? Will it be well-planned? Or will it be chaos?

88% of current family business owners believe the same family or families will control their business in five years, but succession statistics show this is not true. There is a disconnect between the optimistic belief of business owners and the reality of the failure of family business to survive through the generations because only about 30% of family-owned businesses survive into the second generation; 12% are still viable into the third generation; and only about 3% of all family businesses operate into the fourth generation and beyond. (Family Firm Institute

Our team of experienced attorneys is here to help business owners plan for the future and ensure their businesses continue to thrive beyond their own involvement.

As a business owner, you have worked hard to build your business, and it’s important to have a plan in place for the future. Our firm specializes in helping you develop a comprehensive business succession plan that protects your assets and ensures the smooth transition of your business to the next generation or new ownership.

Our services include:

  1. Evaluation of business legal structure, financials and value;
  2. Understanding of business owner vision for the company, personal goals, and family dynamics;
  3. Comparison of family succession to third-party equity sale;
  4. Evaluation of legal and financial models for structuring a transfer;
  5. Consideration of tax planning strategies to minimize tax liabilities; and
  6. Implement legal and financial tools to carry out the plan including update of wills, trusts, powers of attorney, buy-sell agreements, shareholder agreements and more.

We understand that every business is unique, which is why our attorneys take the time to get to know you and your business so we can tailor our services to meet your specific needs.

At our firm, we are committed to providing personalized, high-quality legal services to business owners looking to secure the future of their businesses. Contact us today to schedule a consultation and take the first step towards a successful business succession plan.

Business Succession FAQs

A business succession plan outlines the strategy for the transition of the business ownership and management in the event of the owner’s retirement, disability, or death. It aims to ensure the continued success of the business.

Having a business succession plan is crucial for the smooth transition of your business. It can help prevent conflicts, ensure business continuity, protect the value of the business, and provide peace of mind for all involved.

It’s never too early to start planning for business succession. In fact, the earlier you start, the more time you’ll have to address potential issues and make necessary adjustments. Generally, a minimum of 3-5 years before your planned exit is recommended.

A lawyer can provide guidance on legal and tax implications of different succession options, assist with drafting necessary agreements (like buy-sell agreements), help with estate planning to minimize taxes, and provide counsel throughout the succession process.

Without a succession plan, your business may face a period of uncertainty. Its fate would depend on its legal structure and whether there are any provisions in place for such a situation. Your business interest could be part of your estate and subject to probate. This underscores the importance of having a well-thought-out succession plan.


Family farming operation with significant land holdings. We created a business and estate plan structure that allowed one child to remain the sole owner/operator of the farming operation but provided two other siblings with passive income from agricultural leases through a Family Limited Partnership. Achieved family goals of: business continuity, minimizing risk of need for liquidation of legacy farmland, income to non-farming siblings.

Construction company. We explored risks and benefits of internal sales to employee, then prepared for and found a private equity firm buyer to achieve shareholders’ goals of selling the company and providing retirement income.

Technology company. We created an equity buy-in for a key employee to achieve founder’s goal of retaining and incentive for key employee with profit sharing.

Family landscaping company. We explored and financially modeled a phased sale to a child and their spouse over a multi-year term to achieve founders’ goals of transferring legacy business to the next generation, providing income in retirement, without large down payment requirements to children.

Law firm. We represented a partner in the buyout of a deceased senior partner’s estate ownership in the firm.

Medical Group. We represented the CEO and majority shareholder in implementing a buy-sell agreement funded with life insurance to achieve the CEO’s goals of liquidity on death of a shareholder and restrictions on transfer of shares to other professionals without a first right of refusal by the group and the other shareholders.

Contact us to schedule an introductory call with our Client Coordinator to learn more about business succession planning today.

Rescue Stories