Succession Planning

News & Analysis as of

Succession Planning Challenges – No Real Surprises Here

There is a well-deserved and surprising focus on succession planning within many law firms right now. The “well deserved” focus is justified because these firms are trying to bridge/balance the immediate needs and...more

Passing on the Business to the Next Generation: Not for Everyone

A recent article in The Economist (“The Reluctant Heir”) addressed the challenges in getting the next generation ready to take over the family business. These challenges are nothing new in the family business community. In...more

Before Your Han Solo Dies, Have a Business Estate Plan

In a Galaxy, Far Far Away, Han Solo ran a smuggling business with his good buddy Chewbacca in his ship, The Millennium Falcon. He would occasionally have a crew but they would always end up dying (I wouldn’t want to work for...more

Business Succession Planning - February 2016

The transition of a family owned or closely-held business is a significant undertaking even with the best laid plan. This article will outline the issues that should be considered by the business owner in transitioning a...more

Governance & Securities Law Focus: Europe Edition, January 2016

In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. Please see full Newsletter below for more...more

Top 10 Topics for Directors in 2016: Board Composition and Succession Planning

Board Composition and Succession Planning - Boards have to look at their composition and make an honest assessment of whether they collectively have the necessary experience and expertise to oversee the new opportunities...more

The Results Are In!

Each year, our colleagues at the Pacific Family Business Institute (PFBI) conduct a survey of approximately two hundred family business leaders in the Pacific Northwest. They ask about topics such as growth, succession...more

Business Succession Planning - January 2016

The transition of a family owned or closely-held business involves a variety of legal and tax issues. This goals of this process, however, should be focused on issues that are just as important – if not more important – than...more

Keeping the “Family” in Family Business: Succession of Ownership Does Not Always Mean Succession of Control and Income

As family business owners often are advised, business succession planning should include some form of estate planning. This advice is especially true when an owner wishes to transfer a business to future generations by gift...more

10 Projects That Can Produce Big Results in 2016

Success often comes in a series of small steps…not one huge leap. Too many partnerships try to address too many challenges at one time. The net result is often very minor progress on all fronts and little overall progress....more

Tribute to Conrad and Succession Planning in Compliance

The Horror! The Horror! Those are the seminal words of Mr. Kurtz, Manager of the Inner Station, in Joseph Conrad’s novel Heart of Darkness. Today we celebrate Conrad, Józef Teodor Konrad Korzeniowski, who was born on this...more

Succession Planning: “If I get hit by a bus tomorrow…”

Let’s face reality. We are all going to pass on someday, so we might as well be prepared and lessen the burden for those following behind us. One of the first steps in effective succession planning is to gather in one place...more

Don’t Let Succession Issues Destroy the Relationship

Succession planning is one of those recurring issues that Wicker Park Group hears about regularly while conducting client feedback interviews. Whether due to a closely guarded relationship or a simple lack of planning, too...more

The European Succession Regulation: Important New Estate Planning Risks and Opportunities for Americans Living, Investing or...

The European Succession Regulation (the "Regulation"), also known as Brussel IV, enacted on July 4, 2012, became effective on August 17, 2015. The Regulation, which has been adopted by 25 countries throughout the European...more

Transferring the Family Business Timing is Everything

One of the most important factors to consider in any business succession plan is the timing of the transition of ownership. Whether a sale or a gift (or combination of the two), no transition should occur before the next...more

Six Recommendations For Clients With Connections to France

There have been a number of changes to EU laws recently that have had, or will have, a direct impact on your clients who have connections with France. There are six stand-out issues that are worth careful and immediate...more

Updating Estate Plan Ensures Its Accuracy, Relevance, Effectiveness

Most people are generally aware of the importance of getting an estate plan in place. Regardless of who you are, you can benefit from an estate plan, whether it be a simple or complex one. For family business owners, of...more

From Success Plan to Succession Plan: 10 Tips to Choose Your Next CEO

In the millennial generation, the idea of staying at the same company for your entire career is dying away. Board of directors assume change is good, and employee turnover, especially management turnover, are at record highs....more

Five Legal Documents Every Family Business Should Have (and Use)

Every business is different. Certainly, every family is different. But family businesses, as a group, share certain challenges and opportunities. In order to ensure their businesses survive, thrive and grow, leaders of family...more

Planning For The Unexpected Departure Of A Business Owner

In the business world, the unexpected can happen. That is just a fact of life. There are many ways this principle can apply, but we’ll speak here specifically about the unexpected departure of a business owner or corporate...more

Tips For Successful Succession Planning

“Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” ? Abraham Lincoln - Your company is built to last. But when you are ready to step back and let go of the reins, will the next...more

Succession Planning Best When Engaged Early And Reviewed Regularly

Most business owners, if you ask them, probably have a basic idea of what succession planning is all about: deciding how ownership interests will be passed when they or their partners or co-owners leave the company. The...more

For family businesses, the role of the attorney comes full circle

There was a time when a lawyer was considered the “consigliere” to the family and its business. Remember the role of Robert Duvall as Tom Hagen in The Godfather? Tom Hagen’s role was not as a transaction lawyer (that role was...more

“Letting Go: As Baby Boomers Sell Their Businesses, Too Many Forget the All-Important Succession Plan.”

Building a Business from the ground up takes devotion, energy and commitment to the bigger picture. It’s akin to birthing and raising a baby — albeit a baby that will always need a firm, guiding hand. Finding that next hand —...more

KPMG Issues 2015 Global Audit Committee Survey

In February, KPMG released its 2015 Global Audit Committee Survey, which reports on audit committee activities based on survey responses from 1,500 audit committee members across 35 countries....more

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