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Succession Planning Estate Planning Closely Held Businesses

BakerHostetler

[Podcast] Legacy Management – A Different Approach to an Age-Old Business

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Legacy management is an age-old business that has not changed in decades. We propose moving away from an episodic, transactional delivery model and removing siloes between a family’s advisors – allowing for a proactive,...more

Amundsen Davis LLC

What the Show Succession Teaches Us About Planning for a Family Business

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“I love you, but you are not serious people.” This is the curse that Logan Roy, the founder and business titan of Waystar RoyCo, intones to his three stunned children during a poignant family moment. The three siblings...more

Husch Blackwell LLP

Common Business Succession Planning Strategies

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Thoughtful succession planning can pave the way for a smooth transition and a thriving future for a company and its stakeholders. Here are a few techniques that business owners should consider....more

Lathrop GPM

Business Succession Planning

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Many successful business owners devote their lives to establishing, building, and maintaining a successful business. However, few successful business owners have properly considered what will happen after they are gone, and...more

Ward and Smith, P.A.

Has Your Business Attorney Met Your Estate Planning Attorney?

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Every business should have documentation that confirms its ownership, management, and governance structures. If the business has more than one owner, the documentation should address transfers of ownership interests and...more

DarrowEverett LLP

Do It Better Than ‘Succession’: How to Optimize Transition for Your Waystar Royco

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Over the past three seasons, fans of the hit HBO series Succession have had an entrée into the fabulous lifestyles enjoyed by members of the Roy family and a front-row seat from which to observe the myriad succession...more

Rivkin Radler LLP

Dividing the Multi-Family Corporation

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Sibling Rivalry- You have probably encountered family-owned corporations in which the founder’s offspring are involved in the business to varying degrees. They may even own some equity, typically having received such equity...more

Burns & Levinson LLP

Continuing the Family Business After Its Founder’s Passing: The Austen Family Legacy

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The adult children of Jack Austen – Kate, Charlie, and Claire – are gathering a few months after their father’s passing to remember him and discuss what to do with the family business, Oceanic Real Estate, LLC. ...more

Cole Schotz

Business Succession Planning – Should I Own My Business In A Trust?

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Closely-held businesses come in all shapes and sizes. Some owners own 100% of their businesses. Some have partners. Some have children in the business. Some do not. A common question that a client asks the business and...more

Levenfeld Pearlstein, LLC

The Ins and Outs of Business Succession and Estate Planning for Closely-Held Businesses

Like humans, businesses have a life cycle.  And, just like us, major focus is put on the beginning and middle stages of the life cycle, with many people putting off late stage planning until it is too late. Clients often put...more

Lathrop GPM

Transferring Your Family or Closely Held Business: Part 1

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Transition planning to a family member or other “insider” requires time and forethought to successfully handle both the financial and operational considerations of a family or closely held business. Transitioning ownership...more

Farrell Fritz, P.C.

Valuing Closely Held Businesses: The Reality Of Economic Control?

Farrell Fritz, P.C. on

A Time for Planning? It’s late August – again. As usual, many business owners are looking forward to having all of their employees back at work and ready to make the final push for a successful year. Others, nearing...more

Ruder Ware

Farm Family Probate

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The family farm has always been unique from an estate-planning perspective. Unlike many traditional businesses, a farm business typically holds a disproportionate amount of illiquid assets such as real estate, equipment,...more

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - August/September 2019: Covering all the bases Both your business and estate plan can benefit from a...

A buy-sell agreement provides for the disposition of each owner’s business interest after a “triggering event,” such as death, disability, divorce, termination of employment or withdrawal from the business. However, to be...more

Nutter McClennen & Fish LLP

All in the Family: Succession Planning Tips for Family-Owned Businesses

Why is it important for a family-owned business to have a succession plan in place? - Often the family business is the family’s largest asset. It is the parents’ retirement fund, the next generation’s opportunity to...more

Gray Reed

Can a Family Business Succession Plan be Successful?

Gray Reed on

Finishing a best-year-ever 2018 and being questioned daily by his second wife Anna Nicole about making her children officers and owners of the family business Buxboro State Bank, Big Daddy Ernest Bux concludes, at 65 years...more

Ward and Smith, P.A.

The Gifts of a Family Business: A Talk with Karen Albritton and Deana Labriola

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This is the fourth article in a series about transitions and transactions for midsized companies... Karen Albritton: Growing up in a family business, and now advising closely held companies as a consultant, has given me an...more

Ward and Smith, P.A.

Owner Dilemmas: Should I Stay, Go, Lead, or Follow?

Ward and Smith, P.A. on

You’ve built a great business. You want to do the smart work of planning for an orderly succession and transition to the next generation of leaders and owners. You’ve planned well and have financial flexibility. Some...more

Ward and Smith, P.A.

What Could Go Wrong? The Importance of Business Succession Planning

Ward and Smith, P.A. on

Most business owners expect that their company will continue to operate after they stop working. However, successfully transitioning control of a business rarely occurs without thoughtful planning. Consideration must be...more

Bond Schoeneck & King PLLC

Trust and Estate: Family Feud — Hollywood May Call It Entertainment But It Is No Laughing Matter for Family Businesses, Part II...

INTRODUCTION - As discussed in Part One of this article, statistics show that most family-owned businesses fail after a generation or two. Specifically, only 30% of family-owned businesses survive the transition from...more

Bradley Arant Boult Cummings LLP

Proposed Tax Regulations Limit Availability of Valuation Discounts to Family Business Owners

For family business owners who desire to transfer ownership of part of their business to the next generation, the valuation of the business interest is often an important factor to consider. This is especially true for family...more

Burr & Forman

IRS Proposes New Rules Designed to Restrict Valuation Discounts in Family Transfers

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Partnerships and LLCs are common choices of entity for family-owned businesses, due to their flexibility and the many uses to which they can be put – including pooling of family assets, succession planning, asset protection,...more

Dechert LLP

Proposed Treasury Regulations Regarding Valuation Discounts for Transfers of Family-Controlled Entities, if Enacted, Would Apply...

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After years of anticipation, the U.S. IRS recently issued Proposed Treasury Regulations that would, if enacted in their current form, substantially eliminate most valuation discounts for family-controlled entities and result...more

Burr & Forman

Family-Controlled Businesses -- Tax Targets Again: Newly Proposed 2704 Regulations and Presidential Candidates' Positions

Burr & Forman on

It's August of an election---year, and not just any election---year, a presidential election year. So, in less than 80 days, we'll all go to the polls and elect a new president. While Benjamin Franklin might have been right...more

Dickinson Wright

The End to Discounts for Transfers of Interests in Family Business Entities

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The ability to use transfer and liquidation restrictions in legal documents to reduce the value of an interest in a family-controlled (or “closely-held”) business entity (e.g., partnership, corporation, limited liability...more

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