Business succession planning
Family-owned businesses comprise about 50 percent of U.S. gross domestic product and 35 percent of all Fortune 500 companies, but only about a third of all these businesses successfully transition to a second generation. If a client's business is a significant part of their life’s work, we work with them to take steps to ensure that legacy continues. Our business succession team is multidisciplinary and work to establish the right structure to keep our clients' companies thriving — for the benefit of founders, owners, employees and clients — even after an owner may choose to step away.
Developing a succession plan is a multiphase process that includes an analysis of equity, wills and trusts, tax structures, employee benefits and compensation, existing agreements and related components of the business framework. Our attorneys work closely with business owners to design, prepare and implement plans that transfer business interests to the next generation, key employees or third parties.
After a succession strategy is in place, we remain vigilant — continuously reviewing and adjusting a business succession plan as circumstances change. Through our extensive experience in tax, contract law, estate planning, corporate law and governance, asset protection, pension law, employee stock ownership plans, employment law, dispute resolution, and mergers and divestitures, our team brings a comprehensive, efficient and cost-effective approach to make our clients' long-term business plans a reality.