Coordinate ownership interests, management authority, and estate planning for a closely held business or family enterprise.
Ownership and management are separate questions
A business owner may need to plan who inherits an economic interest, who can vote or manage, and how the business functions during illness or after death. Governing documents can impose transfer limits that a will alone cannot override.
Review operating and buy-sell agreements
LLC operating agreements, shareholder agreements, buy-sell provisions, valuation procedures, and existing insurance should be read together with the owner’s estate plan.
Prepare for incapacity, not only death
A continuity plan may address authorized managers, successor decision-makers, banking access, and documents the business will need if its principal cannot act.
Coordinate with other advisers
Business succession often involves tax, insurance, financial, and transaction considerations. We can help identify the legal issues and coordinate with the owner’s CPA and other advisers.