One of the toughest challenges a private, owner-managed, closely-held or family-owned business will face is the creation and implementation of an effective and comprehensive business succession plan. Succession planning is often associated with retirement, but it is important to develop a succession plan early in the lifecycle of your business to avoid unnecessary turmoil due to an unexpected event. Additionally, it is vital to the continued success of your business to identify future leaders early so there is time for them to be prepared to fulfill leadership roles.
KMK Law’s Business Succession Planning team assists individuals, small businesses, closely-held corporations, and families in establishing a succession plan to ensure their business’ continuation and helping to maximize a return for the founders of the business.
We appreciate the importance of listening to our clients and are dedicated to working with them to develop creative and desirable solutions that work for their current situation and long-term plans that will work for those who will be involved in the business after succession. Our Business Succession Planning team combines members of our Business Transactions Group with our Estate Planning and Probate Teams to provide a cohesive approach to providing a successful transition for businesses and the business owners that control them.
Our services include:
- Assisting clients in increasing, preserving and transferring wealth
- Planning for the orderly and efficient succession of family businesses
- Reviewing and assessing minimization of tax and other transfer costs
- Preparing traditional estate planning documents, including wills and trust agreements
- Designing and implementing sophisticated strategies for the tax-efficient passage of wealth to individuals and charitable beneficiaries
- Emphasizing the utilization of non-probate transfer arrangements in order to provide the maximum benefits at the most reasonable costs to our clients, their families and other beneficiaries