Succession planning in an ongoing and ever changing process intended to minimize taxes and enable the orderly transition in ownership of a business or partnership.

Business owners and professionals spend their lifetimes building a business out of a dream. Business pressures often make it difficult to step back and objectively determine how to ensure the survival, growth and profitable continuity of their business. Any one of a number of events, foreseen or unforeseen, could compromise what they have worked so hard to achieve. A strategy should be implemented early to deal with the following issues:


  • Sale of a business
  • Resignation
  • Retirement
  • Death
  • Disability

The succession of the business affects the owner-manger directly, his or her family, employees and customer, Consequently our firm feels that a succession plan is a foundation on which the future of a business is built.

Our Approach and process

Our firm assists in an evaluation process that will help illustrate some of the concerns and questions faced by our clients. Some of these concerns would typically include:

  • Exit plan for business owner, shareholder or partner
    • Review of triggering events
  • Taxation issues surrounding this process
    • Reducing or eliminating the tax liability
    • Deferring the tax payment
    • Freezing the tax bill
  • Review and structural planning of business agreements
    • Funding methods and options for the business agreements
    • In the case of family business, equalization for the active members
  • The affect of business planning on one's personal and family affairs

To Summarize

This is a brief overview of the process and some of the questions that all family businesses closely held corporations and professional partnerships need to examine at some point. Timing is of the essence. Obviously, no two situations are the same, so personal, custom tailoring is essential to meet business, family and one's own personal objectives.