Rendings

Successful business owners continually adapt and plan for future events. Few businesses, however, adequately plan for what may be the biggest change of all – transfer of ownership.

A comprehensive, tax-aware succession plan – via sale or transfer to a close family member – is an essential element of any long-term business plan. Sound succession planning protects owners, management, employees, clients, and the future of the business itself, even when the transfer must be executed amid trying business, personal, or family circumstances.

Well-versed in all relevant federal, state, and local taxation laws, rules, and regulations, Rendigs attorneys help individual and corporate clients plan for and ensure the smooth transition of their estates and businesses. Our attorneys help clients:

• Develop succession plans for businesses, including profitable exit strategies for business owners
• Transfer family businesses from one generation to another in a smooth and cost-effective manner, using techniques such as close corporation agreements, buy-sell agreements, and gifting programs
• Review and update succession plans in response to changing circumstances or goals
• Establish Employee Stock Ownership Plans (ESOP), cafeteria plans and retirement pension plans
• Take advantage of existing laws to minimize estate, gift, and income taxes
• Achieve long-term succession goals by preparing buy-sell agreements and proper operating agreements
• Understand the relative benefits of various vehicles, such as trusts, and select the options that best meet succession goals

Our attorneys look forward to discussing your unique business succession goals. Please contact any of our team members.