Lawrence Kamin’s experienced business and estate planning attorneys help business owners and shareholders design and execute succession plans that assure the smooth transition of ownership, management, and control of a business. For each client, we tailor a plan suited to individual circumstances and business models—one which ensures tax efficiency and helps assure that the founder’s vision survives the founder’s eventual separation.
Succession planning can be vital to both businesses and business owners. Our attorneys recognize that the preservation of “institutional memory” is essential to survivorship, and to insuring the continual management and cash flow of a business after the founder’s departure. When circumstances call for the orderly sale or transfer of assets and control, closely-held businesses often turn to Lawrence Kamin for assistance. Our business attorneys have broad experience crafting buy-sell agreements and plans that grant rights of first refusal to insiders before company shares are offered to individuals outside of the company. Working with our Estate Planning colleagues, we employ state and federal tax, estate and business laws to plan tax-efficient transition strategies that effectively minimize the tax impact on any transaction.
For closely held or family-owned businesses, we often serve as trusted advisers assisting with the design and implementation of plans that keep control and ownership of family enterprises within the family. We also help family-controlled businesses establish employment plans that control when and how family members will be hired, who will supervise them, and how they will be compensated.
Businesses need legal advisors who anticipate and plan for change. By planning for the transition of a business, a company owner can effectively preserve its business legacy, help ensure the continued success of the business into the future, and protect the business and loved ones from costly disputes after the inevitable change comes.