Business Succession Planning is a strategy used to transition leadership roles to other employees or a designated group within a company.

Business succession planning determines who will lead and own your company after you step away. Kelley Kronenberg can help you develop a customized contingency plan, tailored to your situation and goals, to secure and protect the future of your business once you retire or are unable to fulfill your responsibilities due to incapacity or death. Without a plan, ownership can pass to someone unprepared to run the company. A sudden departure can also erode the value you spent years building.

From choosing a qualified successor to executing the succession plan, the firm is committed to creating a comprehensive process that minimizes the disruption to your business as leadership shifts. Strong business succession planning addresses each stage of the transition, including business valuation, tax exposure, and the documents that make the transfer enforceable. The company is often an owner’s largest asset. For that reason, our attorneys coordinate your plan with your broader estate planning, so the business transition and your personal plans reinforce one another. We also help multi-owner businesses put agreements in place so that a partner’s departure does not force a sale or spark a dispute. 

The right structure depends on your timeline, your financial goals, and who you want to take over. The IRS treats each type of transfer differently for capital gains, gift, and estate tax purposes. As a result, how a transaction is structured can significantly affect what you and your successors keep. 

Our business succession planning attorneys assist with all types of transition options, including:

Whether you plan to keep the business in the family, sell to a partner, or transition to a third-party buyer, we help you protect its value. Contact our business succession planning attorneys to discuss your goals and start building your plan today.

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