Succession Planning, as related to a family business, is the plan developed to turn over the business or sell the business when the owner retires. Understanding the goals, objectives and capabilities of various family members, as well as financial needs for retirement and many other factors determine how the succession plan will be structured. An effective succession plan sets up a smooth transition, with minimal taxation and adequate management in place to carry the business forward. Business ownership as well as management must be determined. Whether the primary future focus is on supporting the family or supporting the business are also parameters that need to be defined and incorporated into succession planning.
Our attorneys will be glad to sit down with you and your family and assist you in determining an effective succession plan. Please call our office at 203-661-5222 to arrange a consultation.