That Span Many Years and Carry Over Into Generations.
Business Succession Planning
Our clients’ business is often their life’s work and largest asset. A sad fact is that many businesses do not plan adequately to survive a change in leadership nor plan adequately for the continuation of that business. LehrLaw assists its clients in establishing a plan to ensure their business’ continuation and helps to maximize the return for the founders of the business and their families.
Business succession planning is essential to the future of any business. That applies to the founders, owners and their families. The existence of a succession plan emphasizes the commitment to the business’s long-term growth and continuation. Lenders often require that business owners have proper planning in place for the succession of a business. Families hope that proper planning is done to assure the continuation of the business and the maximization of returns to the family. Those “hopes” are achieved by the planning we implement.
Developing a succession plan requires our examination of the equity structure of the business and review/updating estate plans of the owners (wills, trusts and reviewing existing assets and insurance). Stockholders Agreements (Buy-Sell Agreements) are drafted, compensation procedures are reviewed and planning through various contracts are implemented to achieve a successful plan. We interact with a client’s advisors (accountants, insurance and financial advisors) to assure coordination among the important professionals essential to this process. We maintain close working relationships with some of the most skilled financial planners, accountants, and bankers dedicated to assisting our clients in reaching their retirement and estate planning goals.
Once a succession plan has been established, it is critically important that the completed plan be reviewed and updated as circumstances change. Business succession plans outline in detail how changes in ownership and management are to be executed in the future. As circumstances change, so must the planning.
Business Preservation and Protection
Each business owner’s concerns and circumstances are unique. We do custom planning which provides our clients comfort knowing their particular business is prepared for the future. We work closely with our clients to identify goals and objectives, potential pitfalls and develop innovative solutions.
For over 20 years, LehrLaw has advised clients in the areas of income taxation, contract law, estate planning, transfer taxation, corporate and other entity governance, debtor and creditor law, lien preferences, asset protection, employment law and dispute resolution. Our attorneys bring a multi-disciplinary approach to client service that is cost-effective and emphasizes the coordination required for a successful business succession plan.
Plan for Success
Wealth preservation and asset protection require knowledge and expertise as well as an appreciation of the current and future needs of each client and their dependents. Multi-generational business planning requires cutting-edge legal and tax planning techniques. This is combined with an appreciation of the human dynamics involved in intra-family and business matters. We assist clients in a comprehensive manner is this important area of planning.
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Fill out the contact form or call us at (973) 575-8002 to schedule your consultation.