Description
In family-owned businesses, smart succession planning is the key to sustaining the company in the future with a successful transfer of ownership and leadership to the next generation. To help counsel the family business owners effectively, this guide provides a comprehensive, logical, step-by-step approach to family business succession planning. Each section provides substantive guidance, insights, and resources to help you properly advise business owners, design the structures, and draft the documents to produce an effective, appropriate, and thorough succession plan. Organized as a comprehensive outline from initial meeting through completion, each chapter explains key concepts, identifies issues requiring attention, provides practice tips, and references additional resources for further assistance. To help you effectively counsel and represent your family business client, this valuable tool includes guidance on: The detailed process of family business succession planning Ethical rules governing the family business lawyer Planning for the sudden loss of a family business leader Business restructuring to create better flexibility and economic efficiency Governance mechanisms tailored to the composition of successor ownership Key contracts with related and third parties Financial resources and security for senior owners in retirement Trusts and trust fiduciaries in family business ownership And more Includes an appendix with an outline, checklist, and worksheet.
