Business Succession and Exit Planning
Succession planning involves developing a written plan for an occasion when an owner must step down, for any reason, from an ownership and leadership role in the business. A good succession plan will address who will own shares of the closely-held business and step into the management and leadership roles. Every situation calls for its own tailored approach. We assist with succession planning mindful of clients’ personal history with the company, family circumstances, financial goals, and long-term plans. Our goal is to create a viable succession plan that provides financial independence for retiring owners, allows for a smooth transfer of ownership and control, and ensures the continued growth of the business. We work closely with owners of wealth management and financial planning and advisory practices, guiding them in the development of their succession plans and assisting with ownership transitions and sales.
Despite proper planning, an amicable exit from the business is not always possible. Where an existing business relationship falls apart, we can facilitate contract terminations, partner buy-outs, and disassociations, and find creative solutions allowing the parties to exit a business relationship on mutually agreeable terms. We specialize in:
- Shareholders’ agreements
- Buy-sell agreements including insurance solutions
- Separation agreements and partner buy-outs
