Legacy Team members, from left: Terrance Chier, Joseph McGrane, Nick Carver and Mary Jovanovich.

Succession Planning

The untimely death or sudden retirement of an owner, if not properly planned for, can have a devastating effect. Our professionals have years of experience in estate planning and distinctly qualify us to assist in the formulation of a family business plan. In a collaborative effort with an owner, an independent evaluator, and our professional staff of advisors, we will identify the position of the family business in the marketplace and will help evaluate its financial outlook. During this analysis, other family members will be engaged and considered - those who will remain involved in the business and those who will not.

Working in concert with accountants, attorneys and bankers, we will formulate and implement a plan for succession. Preparing for liquidity to meet tax requirements through buy/sell agreements, life insurance, and other alternative vehicles can protect the integrity and value of the family business. Experience with corporate redemptions, tax-deferral techniques, Employee Stock Option Plans, and recapitalizations enable us to explore all possible approaches and ensure that the plan is not decimated by taxes.

A good business succession plan should accomplish four goals:

  • Orderly transition of management
  • Preservation of the value of the business for succeeding generations
  • Reduction of estate and gift taxes
  • Provisions for working capital to keep the business intact