Our business clients are seldom just businesses – they are people, families, whose ultimate motivators often have as much to do with love, duty, and gratitude as with profit and loss. They are justly proud of their success, but the ability to provide for their spouses, children, and grandchildren – as well as the causes and institutions they support – anchors their pride.
Transition from one generation of leadership to the next is a key challenge for any business, but especially for family-owned and middle market businesses. In family businesses, federal estate, state inheritance and gift taxes affect strategies for passing the business to the next generation, as well as making certain that children not active in the business are treated fairly. In non-family-owned businesses, the goal is often to let future owners accumulate equity at the lowest tax cost possible, while providing a tax-efficient exit strategy for current owners. We can advise clients on the plethora of means for transferring business assets and control, while maintaining equity between family members in and out of the business.
Examples of matters we handle include: