Family Business Planning
Frequently Asked Questions
Are you just starting a business? If you are just starting out or are still in the conception phase, our firm can help with choice of entity decisions (i.e., what legal form the business should take). We work with our clients to carefully consider not only their immediate vision for the business, but also to evaluate their future goals and exit strategies before selecting a form of entity. As part of this process, we also encourage collaboration with our clients' CPAs and other advisors.
Do you already have a business? If your business is already up and running, our firm can assist with creating and also reviewing contracts that will keep you in a strategic position. We regularly prepare and review agreements covering a wide range of industries and specific circumstances. Because we strive to understand your business, relationships, and concerns and objectives, we are better able to prepare robust agreements and provide a comprehensive analysis of proposed contacts.
Are your governing documents up to date? If not, we can also help you review your corporate book, operating agreement, etc. for purposes of compliance with best practices and state and federal rules and regulations.
Are you thinking about a succession plan or exit strategy? When a business is mature and successful, it usually means that you have spent years of your life, large amounts of financial resources, and most importantly, lots of emotional energy into creating and developing your company. Because of this investment, many business-owners often have a difficult time considering selling or retiring their business.
Estate planning and business planning overlap for many business owners. Who will run your business if you become incapacitated, or if you pass away unexpectedly? At your death, will your children be equal owners of your business? (“Fair is not always equal” is a common theme in business succession planning.) How will disputes be resolved? Will your children’s spouses be allowed to participate in the family business?
We understand the importance of your business and how connected your company and your personal identity may be. With this in mind, we are prepared to assist you with succession planning that is not only strategic, but comfortable for you.