Seattle Business Succession Lawyers for Transferring Company to Next Generation
You’ve worked hard for decades growing your business. Now it’s time to transfer your business to the next generation. We can help.
Our business succession practice is focused on providing legal counsel and advice concerning how best to structure such transfer in an efficient, tax-favored manner.
Addressing Your Concerns
Business succession transfers often involve a number of considerations, such as:
- Will the owner be compensated? If so, by how much and in what manner?
- What is the ideal way to structure the transfer? Should the transfer be made through a direct transfer of shares, through creating a trust, or in some other manner?
- How will the tax laws treat the transfer? In all succession matters, it is important to understand how the tax laws will treat the transfer, and to structure the transfer in a tax-advantaged manner where possible.
- Will the owner continue to be involved with the company, and if so, in what capacity? If the owner wishes to retain a role in the company, it’s important to define such role so that subsequent problems do not arise.
- How can potential succession disputes be minimized? Unfortunately, succession issues do not always go as smoothly as intended. While there can never be a plan to entirely prevent disputes from arising, proper planning can minimize disputes, and can provide a manner of dispute resolution. More time spent at the outset focused on potential problems that could develop and providing clear dispute resolution mechanisms can result in fewer interpersonal disputes after the transfer.
Your Business Succession Needs will be Unique
We will be there to help you by identifying significant issues that need to be considered, and to provide advice on transaction structure. Once these issues have been decided, we draft all legal agreements and documents required, which often include purchase and sales agreements, shareholder agreements, and trusts.
We would look forward to speaking with you and learning about your business succession plans, and helping you implement the smooth transfer of your company.