According to the Exit Planning Institute’s research, only ~30% of family-owned businesses successfully transition from the first to the second generation; and only 10% make it to the third.
When founders and family business owners are looking to exit, the cross-disciplinary estate planning and business attorneys at Kegler Brown work closely with them to craft the legal and tax structure required to successfully transition the business to a new generation of leadership while maximizing value for everyone involved. These businesses aren’t built in a day, and your succession plan won’t be completed in a day. But an untimely passing combined with a failure to plan could mean instantaneous disaster for your business.
We work with clients of all sizes in navigating the most effective tools that accomplish their goals through strategic tax and estate planning, annual and lifetime gifting strategies, customized trust protection, including Grantor Retained Annuity Trusts (GRAT) and Intentionally Defective Irrevocable Trusts (IDIT), and other sophisticated strategies.
There is no one-size-fits-all solution to navigating the complex family dynamics involved in intrafamily and multi-generational transfers. Our profoundly experienced team works alongside business owners to help them better understand and navigate the myriad considerations that must be addressed before planning and implementing a seamless transfer- from corporate strategy, business operations, and succession planning, to the comprehensive tax, insurance, financial, and family relationship dynamics inherent in these sensitive and transformational projects.
Family businesses aren’t built in a day, and your succession plan won’t be completed in a day. But an untimely passing combined with a failure to plan could mean instantaneous disaster for your business.
