Business Succession Planning Attorney
Transitioning the ownership of a closely–held business
When you own a business, you owe it to yourself, your family, your co–owners and your employees to have a business succession plan in place in the event of incapacity or death. Your vision for the future of the business is the foundation for a business succession plan.
At Lommen Abdo, our estate planning lawyers work in a team approach with you and your advisors — business attorney, financial advisor, business partners — to determine what is best for your family and the business. Every business and every family is unique, and your succession plan needs to fit your goals for the business and the family.
There are many factors to consider, among them:
- Should the business be given as a gift?
- Should it be sold to one child, with provisions to provide for other children?
- Should the business be transferred to a third party — for example, a co–owner or an employee?
- What is fair to all members of the family?
- Should the business be sold with proceeds divided by the family?
Begin the succession planning process with an estate planning attorney.
A business that you have built and managed for many years is an especially valuable asset and you know the vision for the business’s future better than anyone. At Lommen Abdo, you’ll find lawyers who will listen to your objectives and help you devise a plan that meets those objectives.
Call 612.255.6935 or send an email for an appointment to discuss business succession planning. We represent clients throughout Minnesota and Wisconsin.