Business Succession Planning

Thomas M. DiPiazza Jr.
Phone #: 585-987-2861
Fax #: 585-987-2961
Email:

 

Business succession planning can be a daunting task under the best of circumstances.  Our attorneys understand that every business has its own story and unique circumstances. For some, the goal will be to achieve the largest return on the sale of the company. For others, it will be to devise and execute a strategy of management transference that will minimize disruption and set the stage for the next generation.

Approximately two-thirds of family owned businesses fail to be passed on to the next generation. Of those that do, close to 50 percent don't survive the transition from second to third generation ownership. There are a number of reasons for this including:

• Estate taxes which may force a sale of the business;

• Family disharmony, lack of interest or experience;

• The failure to groom a “successor” to operate or purchase the business; and

• Unexpected disability of the key employee/owner, resulting in a forced sale to raise cash.

Our attorneys appreciate the human dynamics involved in business succession planning and provide experienced and comprehensive services that are tailored to each client’s specific needs and objectives. Our integrated team approach takes into consideration a myriad of factors, including:

 

• Family estate planning;

• Tax strategies;

• Cash needs in the event of death;

• Retirement or disability;

• Exit strategies;

• Asset protection; and

• The preparation of “transition” arrangements such as buy-sell agreements and leveraged Employee Stock Option Plan (“ESOP”) structures.