According to the Small Business Administration, 90% of businesses in the U.S. are family owned. Surprisingly, only 30% of these family owned businesses continue to the next generation, and only 15% into the 3" generation. The primary reason for this failure is the lack of any business succession plan executed by the owners.
Our firm counsels business owners and family business owners in succession planning for transfer of their businesses upon the owner's death or retirement, in order to avoid disputes over ownership, valuation, and control. We assist successful business owners, and medical and legal professionals to plan to address their concerns about transferring their business or practice to their chosen Successor, establishing the valuation of the business, family succession, and sale of their interest in the business. We draft family limited partnerships and other sophisticated vehicles for tax savings and business succession plans.