Service Leader

Joy Matak, JD, LLM

Joy E. Matak

Contact

Parsippany, NJ
973-472-6250
[email protected]

Service Leader

Lawrence M. Gradzki, CPA, JD, LLM

Lawrence Gradzki

Contact

Parsippany, NJ
973-472-6250
[email protected]

Business Succession

Exiting a business, whether by selling it or by transferring it to the next generation, can be a daunting process. By putting together a structure that considers both ownership and management succession, you can move your business forward successfully.

Things to Consider:

  • Create a timeline that identifies the circumstances when a succession will take place with specificity.
  • Carefully construct any family succession plan that takes into account complicated family dynamics and emotions. Consider engaging a business consultant with a background in family succession plans to help navigate difficult issues.
  • Formalized standard operating procedures, audited financial statements, and executed employment and vendor agreements can usually enhance the value of a business.
  • Trusts used to transfer business interests to family members must be carefully drafted and properly administered in order not to disrupt the operations of the business.
  • Only certain kinds of trusts are eligible S corporation shareholders.

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