What will happen when you are no longer running your business? You've worked hard to build a successful business and it has become a source of pride in your family's lives. Do you have an exit strategy? Walker & Reed, P.C., can help with estate planning responsibilities, creating a smooth transition to the next generation.
We provide trust administration and business succession services including:
At Walker & Reed, P.C., our goal is to prevent your business from getting caught up in ownership and control disputes among family members and shareholders upon your retirement or death. Our attorneys provide experienced business succession planning services that integrate your family estate planning, tax strategies, and retirement planning needs.
Planning For A Seamless Business Succession
Family-owned businesses often pass from parent to child without incident, but sometimes these transitions do not go smoothly. As children become adults and take an active role in their parents' business, financial arrangements that once made sense may require adjustments according to the time and effort that various children put into the family business.
For example, two sons could each have an equal claim to their parents' estate as heirs, but that balance might shift if one son takes over the risks and rewards of the family business, while the other son pursues a different career. These calculations become even more complex when these children have children of their own, creating even more potential heirs.