Business Succession Planning
A business succession plan helps owners of a business plan for liquidity needs, minimize gift and estate transfer taxes, provide continuity for the employees and protect the owners spouse and family. A proper succession plan begins with the governance of present ownership interest through the establishment of rules that address the death, divorce or illness of an owner. Part of this process also involves the identification and treatment of key employees. Succession options for owners to consider include: sale amongst ownership interests; sale to third parties; and sales to existing key employees through an Employee Stock Option Plan (ESOP). Perhaps the most complex planning involves transfers to family members through gifting, sales and/or establishment of trusts (GRAT, IDGT). Sometimes the best option is to liquidate the business. We can assist with the sale or auction of assets, creditor work out plans and bankruptcy.