Small business owners often put all of their energy, thought and effort into developing a prospering business, but many fail to create an exit strategy. One of the many services that our talented attorneys at BOAM offer is business succession planning. Our attorneys assist all manner of clients –from “mom-and-pop” family businesses to multi-million dollar corporations—in developing and implementing a business succession plan.
Business succession planning can take many forms depending on the client’s goals for themselves and the future of their business. A typical business succession plan can include any of the following:
- Developing and implementing a planned gifting strategy to transfer ownership, control
and management of the business to the next generation;
- Creating a plan to sell all or a percentage of your business to new and promising
members, shareholders or partners;
- Adopting new or revising current organizational documents to include a mandatory buy-
out of your business interests when you plan to retire;
- Revising your estate plan to provide for the transfer of your business interests after your
- Transferring the business interests to an Employee Stock Ownership Plan (“ESOP”);
- Selling your business to a third-party buyer.
Our attorneys at BOAM would be happy to meet with you and develop a personalized plan to ensure a smooth transfer of your business—no matter to whom or when that may be!