Business Succession Planning
Business owners have usually worked most of their lives to build successful businesses.
This achievement leads to a high level of satisfaction and significant wealth for the family. A goal of building a family business is to pass it on to the next generation with a minimum of cost and family problems. However, problems often arise, because of the failure to think ahead about transfer tax issues and the differing interests that family members may have.
Our lawyers work with families to plan the transition of business ownership and to assist the older generation to ensure a comfortable retirement. As necessary we will advise on and draft shareholders’ agreements, trust deeds, wills and testamentary trusts. We will advise on and liaise with brokers for insurance planning and family financial advice. With the assistance of accountants we can help to preserve family businesses for future generations while working to minimize the tax liabilities and other costs arising from such transfers.
If you need any assistance with this topic, please contact us.