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Business Succession Planning Attorney in NY

Long Island Business Lawyer

When you own a business, it is important to plan for the future and how to address turning your business over when you die, become disabled/incapacitated or are ready to retire. These are quite personal matters, and in many cases, family is involved. Family business succession is an important matter, and all the proper documentation should be in place so that the transition is smooth from a legal and taxation viewpoint.

At The Law Office of Michael J. Brescia, P.C., a Long Island lawyer can assist you in determining your best course of action in arranging for business succession. This could include matters such as a sale of the business or a buy-sell agreement that provides for succession in the event of your death, at retirement or if you have become disabled. Some buy-sell agreements will be written to provide for the event of a future divorce, which would trigger the implementation of the agreement.

How Do I Write a Business Succession Plan?

To write a successful business succession plan there are 5 key steps and they are:

  1. Establish Objectives & Goals

    1. Create goals and visions for the business

    2. Have and keep a professional team of advisors

  2. Forge a decision-making process

    1. Show the succession plan to stakeholders/ family

    2. Write down the succession plan

  3. Establish the succession plan

    1. Find the next managers and owners of the company

  4. Make a business and owner estate plan

    1. Make a buy/sell agreement that’s fair, reflective of the value, and minimizes taxes.

  5. Make a transition plan

    1. Make a timeline for the implementation of the succession plan.

Business Attorney in Long Island, New York

There are other more sophisticated types of arrangements that can be constructed for business owners who are concerned with succession. This could include Grantor Retained Annuity Trusts (GRAT) or other individuals may be interested in a Grantor Retained Unitrust (GRUT). These trusts are carefully constructed to move your ownership in the company into the trust over time, while you receive ongoing income from the business. Each must be drafted specifically for the individual business owner in order to achieve their personal goals.

In other cases, the owner(s) may wish to sell their business outright, but could be interested in retaining an income stream from the company and get paid over time. Each business owner has specific needs and desires about the succession of their company, as well as financial needs and obligations they need to meet. Business partners, family business partners and other factors are all part of resolving the matter to your satisfaction. We strive to provide the highest quality service to our clients and have extensive experience in resolving business succession financial and estate considerations.

Why Choose Us?

  • Nearly 15 Years of Experience

  • Individual Focus, Personal Representation

  • Broad Range of Experience & Knowledge

  • Prioritizing the Best Interests of Our Clients

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