Business Succession Planning in New York | Pierro, Connor, & Strauss, LLC

Strong leadership is necessary for the success and legacy of any business. But “life happens,” and changes in leadership are inevitable. Company owners, shareholders, family members, and other key personnel retire, experience a decline in health, and sometimes pass away unexpectedly. Without a business succession plan, these kinds of changes can mean the end of a company. Business success planning increases the chances for the survival of one’s business upon disability, retirement or death of current owners. Organizations that are prepared with a carefully thought-out succession plan in place can weather unforeseen events or retirement of the owners while maximizing the company’s value, minimizing tax exposure, and continuing to thrive.

At Pierro, Connor & Strauss, we offer a full range of legal services to business owners. We help our clients understand their business succession planning options and tailor a plan that serves their goals.

Business Succession Planning Team

Louis W. Pierro

Theresa M. Skaine

Hanna Dameron

Call us today for a FREE consultation

(866) 951-7526

Businessman and businesswoman in factory.

First steps in business succession planning

Ideally, business owners have an eye toward succession at the initial stage of businesses formation. Among other things, their choice of entity impacts an owner’s personal liability for the business’s operations, how many individuals or entities can be owners, how the business and owners are taxed, and how an owner’s estate planning impacts the business.

Whether you are just starting your business or are implementing a business succession plan during operations, an experienced New York business planning attorney will take inventory of your goals and use business and estate planning tools to design a succession plan. Some factors include:

Which kinds of your assets are tied up in the business?
Do you intend to eventually sell the business or keep it in the family?
If you intend to keep the business in the family, who will run it?

For many family-owned business, owners avoid succession planning to delay uncomfortable family conversations and because thinking about an unknown future can simply be unpleasant. However, proactive planning with the assistance of business succession planning attorneys allows owners to identify points of vulnerability, groom rising talent internally, prepare an alternative exit strategy, and tailor individual estate plans that fit within the interests of business succession.

Business succession considerations in estate planning

An owner’s interest in his or her business may simply be passed down to heirs, partners, shareholders, or any person or entity designated by legally enforceable documents. Thoughtfully applied state planning tools can minimize the negative effects of a sudden change in leadership.

An experienced attorney can help you decide which tools are right for you. Options include:

Trusts to hold business interests and assets
A will or another tool to address how children with different roles regarding the business will be treated as beneficiaries
Insurance products to facilitate buy-outs by co-owners and provide for beneficiaries
Buy-sell agreements addressing continuity of operations and addressing questions like valuation of stock and rights of first refusal
Tools to address incentives for key employees for their continued contributions
Foundations that can steer a company’s future and nurture future leaders while minimizing tax impacts

If you own a business and do not have estate plans in place, it is wise to discuss them. If you already have estate plans that address your business interests, take a look at when they were written. It may be time to review and revise your will and trust documents, buy-sell agreements, business organizational documents, and other documents that can impact the business’s continuity.

Let Pierro, Connor & Strauss plan your business succession

A successful business succession plan requires in-depth experience in both business planning and estate planning. No two plans are the same; a sole proprietor’s estate plan will look much different from an LLC, C-Corp or S-Corp succession planning strategy. The attorneys at Pierro, Connor & Strauss are committed to providing individualized attention. We work hand-in-hand with clients to ensure that their business plans are custom-tailored to their needs and goals.

Pierro, Connor & Strauss, LLC provides legal services to clients in ten locations that include Albany and the Capital Region, New York City, Long Island, Westchester, Hudson, Utica, Lake Placid, Clark, NJ, Falmouth, MA, and Clearwater, FL. We provide services in estate and trust planning, business planning, and tax planning to ensure our client’s succession planning needs are covered. Even if you already have a plan in place, call us today to speak with an attorney about drafting or reviewing and revising a business succession plan.

Life Happens…..Are You Prepared?

Contact us today for a FREE consultation and we’ll be happy to help take the worry out of tomorrow so you can live today.

(866) 951-7526 Email Us

CAPITAL REGION
43 British American Boulevard
Latham, NY 12110
Phone: 518-459-2100

NEW YORK CITY
260 Madison Avenue, 16th Floor
New York, New York 10016
Phone: 212-661-2480

Proudly offering our legal services in these areas

Capital Region • Albany, NY • New York City • Ronkonkoma, NY • Garden City, NY • Hudson, NY

Lake Placid, NY • Utica, NY • Clark, NJ • Falmouth, MA • Clearwater, FL

Disclaimer

The material contained on this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient’s state. The content of this Website contains general information and may not reflect current legal developments, verdicts or settlements. The Firm expressly disclaims all liability in respect to actions taken or not taken based on any or all the contents of this Website.

Any information sent to The Firm by Internet e-mail or through the Website is not secure and is done so on a non-confidential basis. Transmission of information from this Website does not create an attorney-client relationship between you and The Firm, nor is it intended to do so. The transmission of the Website, in part or in whole, and/or any communication with us via Internet e-mail through this site does not constitute or create an attorney-client relationship between us and any recipients.

Some links within the Website may lead to other web-ites, including those operated and maintained by third parties. The Firm includes these links solely as a convenience to you, and the presence of such a link does not imply a responsibility for the linked site or an endorsement of the linked site, its operator, or its contents.

Furthermore, The Firm does not wish to represent anyone desiring representation based upon viewing this Website in a state where this Website fails to comply with all laws and ethical rules of that state. The Firm does not intend to represent any party in any state in which this website may not comply with all applicable laws and ethical rules, nor will the firm represent any party with respect to legal matters related to the laws of any state or country in which its attorneys are not admitted to practice law.

Reproduction, distribution, republication, and/or retransmission of material contained within The Firm’s website is prohibited unless the prior written permission of The Firm has been obtained.

Website and SEO by Razor Rank

New York Business Succession Planning Attorneys