Business Succession Planning


R.J. McConnell

Every day, you work hard to build your business. If you are like most entrepreneurs, your energy is often focused on the daily issues – product development, customer questions, employee concerns, cash flow, and more. However, it is important to build in time to plan for your, and your company’s, future.

Particularly in the case of a family business, failure to plan can force the family to sell assets after an untimely death, which can sometimes result in business failure. The importance of planning early in order to take full advantage of all available tax-saving and succession strategies cannot be overstated.

The attorneys of Bose McKinney & Evans can work with owners of businesses large and small to evaluate their unique options for business succession planning and wealth protection.

Discussion points often include:


  • Framing the issues
    • The goals of the owner
    • Dealing with family members
    • Dealing with partners
  • Building the structure
    • Financial reporting
    • Building a management team
  • Putting the house in order
    • Protecting proprietary information
    • Employee incentives/non-competes
    • Shareholder agreements
    • Estate planning
    • Role of board of directors or advisory board
  • Choosing the successor


  • Value drivers
    • EBITDA
    • Business plan
    • Diversified customer base
    • Depth of management team
  • Exit strategies
    • Gift/sale to family members
    • Sale to management team
    • Sale to ESOP
    • Sale to third party buyer
    • IPO

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