Estate and Business Succession Planning
In addition to a focus on estate planning (drafting wills and trusts, protecting assets, and making lifetime plans around powers of attorney, health care proxies, and disability), I also offer a specialty to help owners of small-to-medium-sized businesses consider succession, where I coordinate a team of legal and financial specialists in business law, labor and employment law, tax, investments, insurance, and retirement to create and optimize a plan to grow and eventually sell the business.
While I use the term “business succession planning,” a more precise but not-as-popular term might be “business transition planning” or even “business exit planning” as succession planning is a subset of the other two. In some cases, the most attractive possibility for a business owner is in fact to sell the company and its assets without a succession.
According to Business Week, only 40% of family-owned businesses survive into the second generation, and far fewer, 13%, make it into the third generation. There are many factors that work against smooth and successful transition which require the informed perspectives of many specialists.
Whether or not your small-to-medium-sized business is intended for or suited to a family succession, I can assemble and coordinate a multi-disciplinary team of experts whose members not only respect and complement one another’s gifts and skills, but are dedicated to supporting your goals and success. Many owners are so busy in the “doing” of their business that there is not enough time or energy left to do the planning that is needed.
I also give presentations at meetings of religious, community, and educational groups on a wide range of topics relating to wills, powers of attorney, health care proxies, organ donation, electronic assets, and more. Public dates will be added to the calendar soon.