For small and family-owned businesses, Business Succession planning can be as important as individual Estate Planning and our lawyers often coordinate these two important services. Your My Outside General Counsel™ (MOGC: pronounced “MAHK-see") attorney will work with our Trust & Estates team to review and assess your current plans, or draft new ones as necessary, depending on your subscription level.
For private, owner-managed, or family-owned businesses, a solid succession plan can drive the growth of the business, reduce taxes, and set the stage for retirement. It can also provide peace of mind for you, the owner, knowing that you have prepared for the future to protect yourself, your business, and your family.
You may want your business venture to continue under the leadership of a next generation, or you may realize that the business should be sold – either way, your MOGC attorney can help you evaluate available options when it comes to transitioning out of the business you have worked so hard to build. Having a written plan in place also protects you in the eventuality a partnership deteriorates or one or more partners wants out. Your attorney can advise on business succession strategies for owners planning to bequeath or sell to family members, existing employees, co-owners and partners, or third-party purchasers.
With a MOGC Business Succession Plan, we help you address the most important aspects of succession:
Change can happen in an instant and we advise clients to start planning early to avoid unintended consequences in the event of an owner’s unexpected death or incapacity, and to ensure your dreams for your business are achieved.
For business owners, protecting family wealth for future generations is paramount, which is why we’ve built it right into the MOGC model for up to 3 business owners. At Tier 3 your dedicated MOGC attorney will review and assess your current plan, or, at Tier 4, draft an entirely new Estate Plan, valued at $5,000 each.
As trusted advisors, our focus is on helping you develop a personalized plan to protect your assets and transfer wealth to your heirs and favorite charities while working with your financial advisor to minimize inheritance, transfer and income taxes.
Good stewardship that protects future generations
Your MOGC attorney will evaluate your assets and your unique goals and circumstances to create a plan that not only provides for the disposition of assets following your death, but also for family or generational planning, as well as healthcare and financial management during illness or incapacity.
We often work with clients throughout their lifetime to review estate planning documents whenever family and financial circumstances change significantly and after major life events occur to make sure the plan still properly meets their needs and ultimately allows them to pass on their legacy to future generations as efficiently as possible.
In addition to business owners, we also advise both beneficiaries of wealth, as well as business successors.
Learn more about the Eno Martin Donahue & Roth Trust & Estates practice.
Plans can also be purchased a la carte at lower tiers.