BUSINESS SUCCESSION PLANNING ATTORNEYS IN STAMFORD, CONNECTICUT
Lawyers for Business Owners in Fairfield County and New Haven County, Connecticut
Business experts agree that the lack of effective succession planning is a significant issue for family-owned enterprises across the U.S. In a recent PricewaterhouseCoopers survey, 69 percent of family business owners expected their operation to continue with the next generation, but just 23 percent had a documented plan in place.
Without a detailed succession plan that involves all parties, problems often follow. Family members may not be prepared or equipped for the responsibility, or a leadership struggle may ensue. The business also may not have the financial liquidity for a successful ownership transition.
At the Law Offices of Peter V. Lathouris, LLC, we handle the burdensome and complex procedures involved in business succession that often keep families from creating an effective framework. To plan not only for the next generation but also future generations, you want an experienced attorney who knows the law and the keys to success. This includes planning for known factors, but also unknown economic, regulatory, and family health changes that might occur over time.
Business Succession Plans
A business succession planning lawyer from the Law Offices of Peter V. Lathouris, LLC can provide a comprehensive examination of your business and walk you step-by-step through the elements necessary for a smooth transfer. This could include:
Business Valuation: You want an accurate assessment of all assets. Among the many benefits, this can help reveal efficiencies or restructuring that can increase long-term profitability.
Business Continuation Planning: This focuses on how to plan for the departure, incapacitation, or death of family members integral to the business, to avoid business disruption or potential conflict.
Business Contracts: Your lawyer may find some agreements with third-party vendors need renegotiation or alteration to be consistent with changes that may happen upon the forthcoming change in ownership control.
Updating Estate Plans: Wills and trusts already in place with senior-generation owners should be updated. This may include issues related to company stock, business assets, and life insurance.
Lifetime Business Transfer: Your attorney can create a plan that implements changes while senior-generation owners are alive, and determine how best to address estate tax ramifications.
You can trust Attorney Peter V. Lathouris to provide the blueprint and guidance needed for a seamless transition. With more than three decades of experience as a business and real estate lawyer, he knows how to create the path toward a fruitful future for your enterprise. Also, a succession plan is a living document, not a one-time occurrence, so when modifications become necessary, he will be prepared to craft and implement them as needed.
Contact a Stamford Business Succession Lawyer
With something as important as the future of your family and the business you have grown, do not use a business succession plan template. Only a skilled business attorney can ensure all parties are properly protected. The Law Offices of Peter V. Lathouris, LLC is ready to help you today. To schedule a complimentary 30-minute consultation with a Darien business succession plan lawyer, contact us. We also serve clients in Danbury, Norwalk, and Westport.