Succession Planning

Your business is your life's work, but now it's time for transition. With proper business and legal counsel, Sirote's Succession Planning group assists clients in establishing strategies to ensure business continuation while helping to maximize the return for a company's founders. Proper succession planning is a valuable necessity for any family-owned business, providing a road map to ensure future success while creating confidence for customers, lenders, employees and vendors.

Succession planning is a multi-tiered process that includes reorganizing equity, updating wills and trusts, reviewing insurance policies, drafting agreements, and strategizing with various advisors such as accountants, bankers and financial advisors, Once a succession plan has been established, it is critically important that the completed plan be continually reviewed and updated as circumstances change. Business succession plans outline in detail the who, what, when, why, and how changes in ownership and management are to be executed.

Attorneys with Sirote's Succession Planning Group provide objectivity and specialized skills to clients in such areas as income taxation, contract law, estate planning, transfer taxation, corporate and other entity governance, debtor and creditor law, lien preferences, asset protection, pension law, employment law and dispute resolution. Sirote attorneys apply a multi-disciplinary approach to client service that is both cost-effective and efficient.

Because every business owner's issues are unique, we create targeted plans that give clients comfort knowing their business is prepared to adapt to change. Working closely with our clients, we identify goals and objectives and potential pitfalls and then work collaboratively to develop innovative solutions. 

Publications

The Uncertainty of Basis Increases in Connection with Back-to-Back Loans to S Corporations - 9/1/2009

SMART Alert - 1/9/2009

SMART Alert - 1/7/2009

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