Business Succession Planning

At Weinstock Manion, financial security for many of our clients is dependent upon the continued success of their closely-held businesses. Ensuring the future of their business through a well-structured succession plan is an essential component of their estate plan, and is critical to their peace of mind. Our team of transactional, estate planning and tax attorneys collaborate with clients and their trusted financial advisors to plan for retirement, management transition and liquidity events, as well as unpredictable circumstances, such as incapacity or death. Throughout the process, we consider our clients' projected wealth, multi-generational issues and estate planning goals.

Navigating Smooth Transitions

Fulfilling the estate planning needs of business owners for over 50 years has given us the knowledge and experience needed to create a sound business succession plan. We ask clients about their goals, then guide them through the entire business succession planning process and the use of risk management tools. In this way, tax opportunities are identified and considered, surprises related to the tax implications of various exit strategies are avoided and any possibility of disruption in business operations are minimized. Our attorneys draft partnership agreements, operating agreements and buy/sell agreements, patiently helping clients through the formation, maintenance and disposition of their businesses. We also advise management on legal and tax issues involving mergers and acquisitions, frequently at the recommendation of a client's CPA or investment banker.

Education and Collaboration

Business succession planning is impacted by many factors. General economic conditions or the availability of capital may preclude a planned sale of the business. Alternatively, an unexpected offer may drive business owners to sell if the after-tax price is right. Heirs may decide not to be involved in the family business, or a partner’s divorce may force a buyout. Because of the dynamic nature of business succession planning, we diligently track changes in the law, tax code and general market conditions to prepare our clients for the unexpected. We share this knowledge with other professional advisors in the community, directly and as instructors of Estate Planning at UCLA Extension. In addition, we are frequent presenters at various seminars and conferences.

While our business succession planning practice is highly focused, we also draw on the expertise of other professionals, including CPAs, business appraisers, investment advisors, financial planners, and insurance professionals. This collaborative approach allows our clients to benefit from a wide range of knowledge and experience.

Planning for the future of your business requires care and attention. It would be our pleasure to discuss your business succession planning needs. Contact us through our website, or by phone at (310) 553-8844.