☰ Menu

Experience. Integrity. Energy.

Business Succession Planning

Some studies report that of 24 million+ family businesses in the USA, only 3% survive to the third generation.  That is mostly due to failure to plan to transition the business from the founder to successors.  Schaffer Herring PLLC knows that developing plans for the future is difficult, but key to assuring that clients’ businesses survive. We customize every client’s business succession plan to fit their individual and company goals, including:

  • Advice on the forms of ownership that will ease transition of business responsibilities when a founder or key leader, dies, retires or becomes incapacitated.
  • Preparation of documents that will stand up as buy-sell agreements, trusts, family and limited partnerships, or transfers of gifted shares
  • Design of owner retirement plans that pay retiring owners for some years after retirement and allow graduated sales to successors when crafted to avoid IRS reclassification.
  • Formation of plans to sell that include management buyouts, sales to employees, sales to family or sales to outsider
  • When necessary, a plan may be crafted for oversight of the Liquidation of the Business which may include appraisal of the business assets compared to its liabilities and a sale of the assets for market value.
  • Representation of owners, partners or successors when a plan’s outcome is in dispute, i.e., divorces, partner splits, hostile takeovers, adverse IRS rulings
  • Defense of business succession plans in litigation