Family-owned and -operated businesses are unique in nature. While it can be incredibly rewarding to be a part of a successful family-owned business, there can also be distinct challenges. These can range from family disputes over business management to family members’ lack of ability or interest to take over the business after the death of the founder to divorce among family members who are both active in the business.
We understand family business dynamics and can assist you with your legal or business challenges. We frequently advise owners of family businesses on finance and management issues, taxation and estate planning. We work with family business owners to develop succession plans for the orderly transfer of management or business assets to the next generation. These plans may include capital restructuring, buy-sell agreements or the creation of new entities or trusts.
If your family business is just starting, our business attorneys can help you choose the right business structure and create thorough documentation for the business’s operation. These documents ensure that co-owners understand their rights, duties and obligations to the business and to each other. The appropriate agreements include rules for managing and controlling the business; how distributions will be made to the owners; restrictions on transfer of ownership interest; and planning for the “4 Ds”: death, disability, divorce and disagreement.
If your family business is experiencing problems, we can review any existing business agreements, advise how statutes or case law might impact the result and facilitate negotiations or other alternative dispute resolution options. If compromise or resolution cannot be reached, our business litigation attorneys can prosecute and defend claims in state or federal court or represent you in arbitration proceedings.
Succession Planning for the Closely Held Business Owner Part I
Succession Planning for the Closely Held Business Owner Part II
Succession Planning for the Closely Held Business Owner Part III