Business succession planning seeks to manage a smooth transition among the California business owners – either present or future. With family businesses, succession planning can be complicated because of the relationships and emotions involved – and additionally because most people are not comfortable discussing topics such as aging, death and finances.
It is no surprise that more than 70 percent of family-owned businesses do not survive the transition from the founder to second generation. In most cases, the “killer” is taxes or family discord – both issues that a good family business succession plan should cover.
Many of our business succession clients are medical or legal professionals with private practices, owners of successful businesses who have concerns about how their firms will remain in the hands of their chosen successors, or medium-sized firms with multiple owners for which the business succession plan is a business decision and not a family matter. We use intelligent strategies that take into account business valuation, family succession, and, very importantly, exit planning for when you chose to sell your enterprise for financial gains.
We invite you to contact our offices to discuss your specific business succession planning needs. Our client services manager will discuss our services, fees, and ways that counsel can use experience, business partnership skills, and wealth protection law experience to help you.