Business Succession Planning
At The Drew Law Firm in
Cincinnati, Ohio, our attorneys provide legal counsel to a large number of closely-held companies and professional organizations. As part of that counsel, lawyers from our
business law and medical group practices work closely with our
estate planning practice to provide comprehensive
business succession planning services.
Business succession planning is a rewarding field of practice. It is our goal to see that a business our client has nurtured during the client's working years makes a smooth transition to the next generation of management and ownership while providing for our clients' retirement. Many of our clients are preparing to pass family businesses on to their children and grandchildren. Others intend to pass control and ownership to partners through the use of buy-sell agreements.
“I enjoy making clients aware of the logistics and laws about which they might have limited knowledge.”
Attorney Sybil B. Mullin
Our clients often approach business succession planning with preconceptions about their options. Our attorneys have extensive experience in complex estate planning and asset protection. In addition to that legal expertise, they have practical knowledge of business operations and the sensitivity to identify critical and unique aspects of each situation.
The best solution for a client planning on passing control and ownership of a family farm or business to family members over time may be the establishment of a family limited partnership (FLP) or limited liability company (LLC). Another client may need to work with partners or other shareholders to establish a buy-sell agreement. A third client may be looking for an outside purchaser. We design carefully tailored solutions for each client.
Recently our attorneys assisted a family in a complex transition, arranging for the transfer of a company with forty employees to the owners' children. The owners' goals were to pass their assets equally to their children, to pass control to one child, to receive retirement income from the business after the succession, and to ensure stability for the company's employees. We brought together a team of experts (CPAs, human resources consultants, disability and life insurance agents, and lawyers from our respective practices). It has been an extremely successful and smooth succession.
Current Topics:
May 19, 2010 - Estate Planning Article Series - Buy-Sell Agreements
April 22, 2010 - Estate Planning Article Series - Do You Want Your Children To Succeed In Your Business?
April 14, 2010 - Estate Planning Article Series - Do You Want Your Children To Succeed?
The early stages of business succession planning are critical. If you would like to arrange an initial consultation, please contact our Cincinnati office. Our lawyers will work with you to define your goals, identify significant aspects of your unique situation, and explain your alternatives.
Our business succession planning attorneys: Michael D. McNeil, James H. Coogan, Frederic L. Goeddel, Anthony G. Covatta, Robert M. Smyth, Mark W. Jordan, Nancy J. Frazier, Sybil B. Mullin and George J. Zamary.
Related practice areas: business law, estate planning, probate and estate administration, probate litigation, charitable trusts and foundations, wills and trusts, gift and estate taxation, prenuptial agreements, division of marital assets, family law, real estate, employment law, mergers and acquisitions, and medical group representation
