One of the issues we encounter in our practice involves helping our clients with detailed planning for the ownership transition of small or medium-sized family businesses. Such businesses may have taken a lifetime to build, and careful decisioning and documentation of their handover to the next generation is strongly recommended.
The death, retirement, incapacity, divorce or partnership breakup of the owners, without a written succession plan in place, can put the business in jeopardy, cause business issues or even cause its failure. Don’t take that risk. Protect the future of your business and your family by developing a plan with the highly-skilled attorneys of Kitroser & Associates today.
Our Palm Beach County business succession planning attorneys will work with you to integrate the turnover of your business with your personalized and comprehensive estate plan.
Each business will present unique challenges and we will work closely with you to address your individual concerns and wishes. Some of the steps in the process are likely to include:
Long-Term Plan Creation: What are your company’s long-term vision, mission and goals? What owner retirement plans are, or should be, in place? We help you define those objectives and devise a strategy to achieve them.
Deciding on the “Right” Succession Plan: Should future business ownership remain strictly among family members (a retention plan) or should you allow for future control by third parties, such as key stakeholders, shareholders or employees (a buy-sell retention plan)? We will advise you on the best course of action and create the plan that best satisfies your unique goals.
Who Should be the Successor? Deciding the best candidate to become successor requires the sensitive, objective and knowledgeable counsel we will provide. We can also offer advice as to who should hold other key roles within the business, how best to structure the business for legal, corporate and taxation purposes, etc.
Preparing for Legal Transfer of Ownership and Control: How long should the transition period to new legal ownership and control be? Should we create a leadership mentoring program within the company now? What should the future ownership and management structure look like? Our attorneys will help guide you towards the best solutions for you and your company.
Alignment of Your Business Succession Plan with Your Personal Estate Plan: Your estate plan and business succession plan must be carefully coordinated, especially in areas such as powers of attorney, incapacity plan, wills and trusts. Our attorneys will work closely with you to assure that all your plans are integrated and aligned with one another, to minimize the potential of future conflict or litigation.
We at Kitroser & Associates understand that your business is one of the proudest and most satisfying legacies you can create for your family and for future generations. Let our experienced and professional Palm Beach County business succession lawyers guide you through this critical process.
The North Palm Beach Estate Planning Lawyers of Kitroser & Associates, welcome clients from the cities of West Palm Beach, Stuart, Palm Beach Gardens, Palm Beach, Jupiter, Tequesta, Juno Beach, Singer Island, Lake Park, Hobe Sound, Royal Palm Beach, Wellington, Lake Worth, as well as all of Palm Beach County, Martin County and South Florida.
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631 US Highway 1 Suite 406
North Palm Beach, FL 33408
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