Business Succession Planning Across Generations

Your business succession goals may involve intentions to pass on a business to younger family members or younger business partners eventually. Louis C. Anderson, J.D., P.L., serving the Fort Lauderdale metro area and clients across Florida, is a valuable resource for business owners who intend to incorporate generational business transfer strategies into their estate plans.

We welcome your questions regarding business succession planning, estate planning and related issues. Our rich background in commercial and residential real estate, business law and estate law has given us the knowledge and skills that our clients seek. Are your concerns reflected in any of the following questions and answers?

When should I start talking to family members about continuing the business after I’m gone?

While this is naturally a potentially sensitive family matter, we know from experience that such discussions are often most acceptable in business planning contexts. Incorporating family members in business organization processes early on is a sound strategy for many.

What should I do if I need some or all of the value from my business to achieve my retirement goals?

A business succession plan that will honor the needs of the business, the retirement goals of the original owners and incentives for the next generation can be developed with the help of a team, possibly including a family business planner, a lawyer, accountants, financial advisors, business valuation experts and the business’s current chief financial officer.

How can I reduce the tax implications of the sale of my business?

An estate planning attorney, a business succession planner and a tax accountant or attorney may all weigh in on a tax-friendly business succession plan. Louis C. Anderson, J.D., P.L., has much experience helping clients create solid plans that work. Successful strategies have included putting businesses in a trust or family limited partnership (FLP), transferring ownership to younger generations through stocks and/or employee stock ownership plans.

What is a succession plan, and why do I need one to transfer my business?

A successful business succession plan that will keep a business intact should ideally include a strategic vision for the business. A well-laid-out continuity plan and tax-efficient wealth transition avenues can protect both business owners as they age and their businesses.

How can an estate planning attorney help me with my business succession questions?

There is no substitute for the voice of experience. Discuss your business-related legacy goals with an attorney who is dedicated to clients’ success. Call our office in Lauderdale-by-the-Sea 954-928-9522 or send an email inquiry to schedule a consultation.