Legacy Team members, from left: Terrance
Chier, Joseph McGrane, Nick Carver and Mary Jovanovich.
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
- Orderly transition of management
- Preservation of the value of the business for succeeding
- Reduction of estate and gift taxes
- Provisions for working capital to keep the business intact