Business Succession Planning

From small businesses to closely held corporations, individuals or families, the attorneys at Barrett McNagny are experienced in establishing a business succession. We begin each representation with the goal of creating a plan that provides for a smooth and orderly transition that continues the business, all while maintaining relationships with all those involved, and minimizing any applicable taxes.

We understand that succession planning is an investment in the future of a business and believe that a solid plan helps with a business’s long-term growth and creates confidence for employees, vendors, leaders and suppliers in the business. Our attorneys have worked with individuals and businesses including physicians, dentists, health care groups, marketing firms, accounting firms, construction companies and agricultural companies to name a few.

We begin by integrating all business interests, any estate planning goals, tax needs and retirement plan objectives. We review all important documents including operating agreements, partnership agreements, wills, trusts, insurance policies and buy-sell agreements. From this review we gain a better understanding of the entirety of the business and begin to create a custom plan that details the ownership transfer and integrates tax planning. Once a plan is established, we set about working to implement the plan in a coordinated and efficient manner.

It is vitally important to continue to review and update the plan as the business evolves and changes. We understand that business planning includes a human element and we work alongside clients to avoid and minimize ownership and control disputes.

Business succession planning can be complex, but when done in an orderly process it can minimize tax liabilities and promote and maintain a lasting legacy for all involved.

Contact Our Team

Contact a member of our Business Succession Planning team by clicking on their photo below.