Succession Planning for Business Owners
Lawyers at Cummings, McClorey, Davis & Acho, P.L.C. (CMDA) counsel clients on the most effective and beneficial way to conduct their business. We identify and understand each owner’s goals and objectives and work to develop a business plan during their lifetime and planning for their retirement. Our attorneys counsel and consult with our business owners in all manners which may impact their investment in their business, their retirement from their business and the transition of control of the business to the next generation of the family. We consult, advise, negotiate and draft the following for our clients:
- Buy/sell agreements,
- Family gifting programs of an interest in a business,
- Sale of a business to family members, employees or third Parties,
- Tax-free distributions,
- Qualified/non-qualified compensation plans,
- Deferred compensation agreements, and
- Payments to founders as a founder’s premium.
Additionally, we advise clients on how to provide liquidity to family members following their death. If family members do not wish to participate in the family business, we can help clients plan for that appropriately. Should it be determine that a business should be sold, our attorneys can assist with all aspects of that process.