Business Succession
At Cohen Seglias, we help clients plan for the continuity and succession of closely held businesses, including family limited partnerships and sales of family trusts. Our attorneys work with business owners of all sizes to create succession plans through legal contracts such as business continuation agreements and buy-sell agreements. These documents provide terms for the distribution of a business interest in the event of the owner’s death, disability, retirement or planned withdrawal. This process includes drafting all appropriate plan documents.
Our Group can assist with:
- Determining the next leader of a business. We understand that this can be a stressful process, whether it is a family member, current or future employee, friend or outside buyer, and our Group can help weigh the options to make the best possible decision.
- Helping business owners develop a retirement plan to ensure that they are protected once the succession plan is in place. We help determine your retirement needs, as well as the actual value of the business, and ensure the plan protects you and your family.
- Avoiding the worst-case scenario of a business dissolution. We will make sure that your business does not suffer during the transition process.
- Evaluating and advising regarding the many tax implications involved in the transfer or sale of a business. We can help prevent negative tax consequences and minimize the overall costs.
- Collaborating with all of your advisors, as a team, to cover and implement all aspects of your plan.
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