Transition & Succession Planning


“If you don’t know where you’re going, how will you know when you get there?” This quote is true in both life and business, and unfortunately, most business owners don’t have a clear and measurable plan for maximizing the value of their business when it’s time to retire. Owners must identify their personal goals and implement a transition strategy that maximizes the value of their business and meets their personal goals.

Our legal team is uniquely equipped to help with this important process. Given your transition strategy, we’ll consider each of the available transfer channels – family gifts, management transfers, charitable trusts and third party sales. Each transfer channel has its own valuation methods, liability concerns, tax consequences and post-transfer requirements. Our team will work with you to select the best transfer channel and customize the necessary tools to achieve your goals and meet the needs of future successors.

Personal Goals:

Who will be the next successor of your business? Do you have family members or others who work in the business? Are you best suited to maximize the value through a third party sale?

Management & Liability:

Given the available transfer channels, how would your current management structure be affected? What are the risks for you and your successors?

Deal Structure:

The transfer method and the required transition process will vary depending on the answers to the above considerations. There’s no formulaic, cookie-cutter approach.

Valuation & Tax:

What valuation method should be selected, and how will each method affect the range of values? Also, what will be the tax consequences to the business and its existing owners?

Owner Requirements:

What are the existing requirements and conditions that must be met if there are co-owners or other interested parties? Do they have “rights of first refusal” or other preferences that will impact the selected transfer channel?

For more information about our legal expertise and areas of experience, please feel free to contact us at (248) 935-7207 or email us at