Business owners work hard to make their businesses profitable and sustainable. They are often, understandably, focused on solving today’s issues, and the last thing on their mind is business succession. Business owners should also consider what will happen to their business if they retire, become incapacitated, or pass away. Creating an effective business succession plan will protect you, your business, and your employees.
At Jones Gregg Creehan & Gerace, our business lawyers have helped many clients in the Pittsburgh area engage in business succession planning. We provide our clients with Comprehensive guidance so they can identify their succession goals. After identifying their goals, we will develop a strategy so they can accomplish them. Contact us today to schedule your initial consultation.
Our Business Succession Services
Understanding the issues and emotions that frequently arise in business succession transition is important. Business succession planning involves multiple legal aspects, including a wide range of estate and tax planning matters. Our goal is to provide quality, coordinated business succession services. We work with financial experts, trust companies, insurance professionals, and wealth management professionals. Our law firm offers our clients a comprehensive array of business succession services, including the following:
- Review and make recommendations regarding your comprehensive personal and business situation
- Determine the financial value of your business
- Determine how much money you will need to retire and create wealth
- Consider which estate planning strategies will help you enjoy a comfortable retirement
- Implement a strategy that will help you obtain financial freedom
- Draft agreements and compensation arrangements for business owners
- Draft buy-sell agreements
- Create an operating agreement
- Create a restricted stock agreement
- Create employment agreements
- Create non-qualified deferred compensation agreements
- Protect your business and your employees
We will also help business owners assess the short and long-term implications of commercial transactions. Specifically, we help clients understand the implications of selling or restructuring the family business, mergers and acquisitions, recapitalizations, and like-kind exchanges. Another important aspect of business succession planning involves planning for incapacity. What would happen if you had a medical emergency and could not run your business for two weeks or even a few months? We can help you prepare for this situation by appointing someone to act as the interim owner of the business and ensuring that your employees know what to do if you become incapacitated.
Creating a Value Enhancement Analysis
If you are interested in business succession planning, you may be wondering whether you should sell your business or move into a less active role. Our Law Firm can help you evaluate all of your business transition options. We will help you explore the pros and cons of various options, such as selling your business, appointing successor CEOs, remaining as a board member in your business, and other options. We understand that making decisions about the future of your business can be difficult, and we will help you consider the best ways to meet your financial and non-financial goals.
At Jones Gregg Creehan & Gerace, we frequently create a value enhancement analysis for our clients seeking business succession planning. During this analysis, we will determine the advanced planning and timing you need to grow your business to the point that you can capture the maximum enterprise value.
Value enhancement analysis can help you decide what you can do to increase the value of your business and when you should sell your business to recover the most compensation. Business owners put their blood, sweat, & tears into building their businesses. Our law firm helps business owners obtain the most value possible for their business if they decide to sell their business and retire.
Family Business Succession
The majority of businesses in the United States are family-owned and operated. Family businesses face some unique challenges when it comes to business succession planning. Sometimes family business owners assume they’ll be able to figure out how to transfer ownership of a business when their parents retire. We always recommend discussing what will happen should the parents or grandparents who run the business retire or become incapacitated. During a family emergency, emotions are running high, and it can be difficult to make decisions.
Our experienced business lawyers will counsel you on all of the options available to you. We want to help you make a seamless transition within your multi-generational family business. We understand that the ultimate goal is to minimize federal, state, and local taxes while preserving your family’s wealth.
There are often sensitive familial issues or conflicts in family businesses. Perhaps the business owner would like one son to become the owner after he retires or passes away. The other son feels slighted. In cases like these, we work closely with our clients to facilitate an open dialogue between family members. We can help you navigate towards finding an amicable resolution so you can keep your family business thriving for generations to come.
If you are considering creating a family business succession plan, we will provide you with various services. We can help you select a life insurance policy that will provide your family with liquidity. Your family members will be able to use the cash from a life insurance policy to help ease the transition between owners or pay the family business the value of the deceased individual’s interest.
If you would like to stop working when you are out of retirement age, but you don’t want to sell your family business, we can help you appoint a successor. Another option would be to sell a spin-off of a subsidiary or division to your family members or create an employee stock ownership program for them.
Contact a Pittsburgh Business Lawyer Today
At Jones Gregg Creehan & Gerace, our business succession planning lawyers have decades of experience. We are ready to answer any questions you have in this area and develop an effective business succession plan. We understand that you worked hard to build your business into something you’re proud of, and we want to help you protect your business going forward. Contact us today to schedule an initial consultation to learn more about our full range of Legal Services.